Asked by: Ben Lake (Plaid Cymru - Ceredigion)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, how much additional funding the Welsh Government received based on updated calculations to the Barnett Formula at the end of the 2023-24 financial year.
Answered by Laura Trott - Chief Secretary to the Treasury
The 2021 Spending Review set the largest annual block grant for the Welsh Government, in real terms, of any spending review settlement since the devolution Acts. On top of this the Welsh Government received over £1 billion through the Barnett formula in 2023-24, including £200 million at Supplementary Estimates 2023-24.
The Welsh Government is well-funded to deliver all its devolved responsibilities, receiving around 20% more per person compared to equivalent funding in England. This is around £1 billion more each year than the Holtham Commission indicated – and the Welsh Government agreed - was fair for Wales relative to England.