Plaid Cymru has today published its submission to the Silk Commission.
And its main call is for the transfer of responsibility over a number of important areas in order to give the Welsh Assembly and Welsh Government “the tools to strengthen the Welsh Economy”
The Silk Commission has been receiving evidence to help it review the case for the devolution of fiscal powers to the National Assembly, including looking at a potential package of powers that could improve its accountability.
Plaid are suggesting several core areas of change which include
INCOME TAX – Each UK income tax rate applicable in Wales should be shared between the UK and the Welsh Government, with at least half coming to the Welsh Government
VAT – at least half the imputed VAT revenues in Wales should be transferred to the Welsh Government
Corporation Tax – All Corporation tax revenues should be transferred as should the powers to set rates
Resource taxes – Wales should have the power to create and levy new taxes on all aspects of resource exploitation, including water and renewable energy
New Taxes – The Welsh Government should have powers to introduce and levy new taxes except when special taxes are specifically reserved to Westminster
Borrowing powers – The Welsh Government to be given significant borrowing powers in order to invest in infrastructure and create more jobs
Improved Transparency – A system should be put in place which improves the transparency of public expenditure in Wales and provide a clearer picture of the taxes collected in Wales
Plaid Cymru leader Ieuan Wyn Jones told me why he thinks it’s important for Wales to take hold of the financial reins