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| Law giving Wales new financial powers is published | |
| (about 4 hours later) | |
| The UK government has set out how it plans to give Wales new powers to tax and borrow, in a draft law. | |
| The draft Wales Bill would give ministers in Cardiff control of stamp duty paid by homebuyers in Wales. | |
| It would allow the Welsh government to borrow money for major projects, such as building new roads and hospitals. | It would allow the Welsh government to borrow money for major projects, such as building new roads and hospitals. |
| The bill paves the way for Welsh ministers to be able to vary, within limits, income tax rates - but only following a referendum. | |
| Control of landfill tax would also be devolved. | |
| As the draft bill was published the Treasury's limits on the new borrowing powers were revealed. | |
| The Welsh government would be allowed a maximum of £1bn - £500m in capital spending and £500m for day-to-day expenditure on public services. | |
| Conservative ministers at Westminster believe the legislation would make the Welsh government more accountable and give Wales "a competitive advantage". | Conservative ministers at Westminster believe the legislation would make the Welsh government more accountable and give Wales "a competitive advantage". |
| The prime minister is backing a "double yes" campaign - for an early referendum and future tax cuts. | The prime minister is backing a "double yes" campaign - for an early referendum and future tax cuts. |
| Labour ministers in Cardiff believe the income tax policy is a "trap" that would lead to their budget, set by the Treasury, being cut. | Labour ministers in Cardiff believe the income tax policy is a "trap" that would lead to their budget, set by the Treasury, being cut. |
| 'Double-jobbing' | 'Double-jobbing' |
| The new law will make changes to the way assembly members are elected, reversing a ban on election candidates standing in both constituencies and on regional lists. | |
| AMs will in future serve five-year terms, rather than the current four years, and be prevented from "double-jobbing" as MPs. | AMs will in future serve five-year terms, rather than the current four years, and be prevented from "double-jobbing" as MPs. |
| The changes follow the publication of a report last year from the Silk Commission, set up by coalition ministers, which said the Welsh government should have new tax and borrowing powers. | The changes follow the publication of a report last year from the Silk Commission, set up by coalition ministers, which said the Welsh government should have new tax and borrowing powers. |
| At the moment, Wales' devolved administration cannot vary taxes or borrow money, and gets its budget in a grant from the Treasury. | At the moment, Wales' devolved administration cannot vary taxes or borrow money, and gets its budget in a grant from the Treasury. |
| Although the legislation is only in draft form, the UK government hopes it will become law before the general election in May 2015. | |
| It will now undergo detailed pre-legislative scrutiny by MPs on Westminster's Welsh Affairs Committee. | It will now undergo detailed pre-legislative scrutiny by MPs on Westminster's Welsh Affairs Committee. |