The M4 Relief Road

Part of 1. Questions to the Cabinet Secretary for Finance – in the Senedd at 1:32 pm on 14 November 2018.

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Photo of Mark Drakeford Mark Drakeford Labour 1:32, 14 November 2018

I thank Mike Hedges for that supplementary question, and it's an issue that he has pursued regularly in the Finance Committee and here. I'm happy to confirm to the Assembly this afternoon that we have had good co-operation with UK Ministers in relation to the bonds matter. The UK Government has confirmed that it will lay the Government of Wales Act 2006 (Variation of Borrowing Power) Order in the House of Commons. It's expected that that will be debated very shortly and, subject to the approval of the House of Commons, it will come into force at or around 1 December this year. As Mike Hedges regularly reminds us, the ability to issue bonds does not increase our ability to borrow; it simply allows us a new way in which we are able to do that, should the UK Government increase the interest rates charged through the national loans fund.