Questions Without Notice from Party Spokespeople

Part of 1. Questions to the Minister for Finance and Trefnydd – in the Senedd at 1:59 pm on 18 September 2019.

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Photo of Rebecca Evans Rebecca Evans Labour 1:59, 18 September 2019

So, we're in constant discussion with the OBR and the majority of our funding is still determined, of course, by the UK Government’s spending decisions, which have just been announced. As you say, there are no new fiscal forecasts alongside the announcement, so there’s no update to the devolved revenue forecast for Wales. But the next tax revenue forecast for the Welsh Government will be published alongside the Welsh Government’s draft budget for 2021. So, I said yesterday that I'm hoping to bring forward the publication of the draft budget to the start of November, subject to the agreement of the Finance Committee and the Business Committee. So, we'll be publishing those details alongside the draft budget. And, of course, the two fully devolved taxes are still on course to bring in over £1 billion in their first two years to fund public services here in Wales. The OBR, in their March forecast, said that rates of income tax will raise around £2.2 billion in their first year. So, we have those forecasts but expect more detailed forecasts to be published alongside the budget in November.