The Finance Committee's inquiry into whether we should have a legislative budget process may not have been the talk of pubs and clubs across Wales, but it's an issue that we as a committee considered to be of considerable interest to the future smooth running of this place. I think particular credit should be given to Alun Davies, who's been banging the drum for this since long before the rest of us, myself included, had even heard of it, and has stuck by the need for a finance Bill, even when, at times, it seemed too difficult to achieve and has been far from a priority.

The last two years have seen the Welsh Government's powers increase dramatically, with the devolution of a range of taxes—stamp duty, landfill tax and, of course, the Welsh rate of income tax, as well as borrowing powers. The question that we as a committee wanted to answer was, 'Has the time come for this now to be couched within a legislative budget process?' But what do we mean by that? Well, put simply, it means giving the legislature a greater say in the budget-setting process. It can come in different forms and does across the world, but would almost certainly involve a budget Bill or a more comprehensive annual finance Bill that would require the consent of the Senedd to Welsh Government tax and spend proposals.

Now, of course, no Government likes being constrained too much and having limited financial room for manoeuvre when the unexpected happens. That's understandable. The new process would have to respect the Welsh Government's need to be able to act swiftly and decisively at the times when it needs to. Stable Government requires that. There does, however, then need to be a mechanism for these decisions to be scrutinised afterwards within a set time frame and in a predetermined, structured way that reassures the electorate and, indeed, us in this Chamber.

As chapter 4 explains, the term 'budget system law' describes a range of legal instruments around the world to codify rules for formulating, executing and reporting on an annual budget. The committee concluded that any Welsh version of this should have three different components: the approval of taxes, the approval of the finance supply to Welsh Government and the approval of public spending proposals.

The then finance Minister, Mark Drakeford, said that the day is coming for a finance Bill, but we should be pragmatic about it. Some say the Welsh Government does not yet have enough fiscal powers to justify a finance Bill, with all the work that it would require, and that the time is not right. I disagree with this. When people say the time is not right, too often they mean that the time will never be right. Well, I'll put my view out there, and I say I think the time is right for a legislative budget process, preferably a finance Bill, and I think the limited range of fiscal powers at the moment is an advantage, not a hindrance. Let's test the legislative process machinery, to coin a phrase, now, before greater tax powers are devolved. I think the case for a legislative approach and a finance Bill is growing inexorably, and this is increasingly becoming a question of democracy as much as a question of budgeting. We need legislation that sets out the rules for spending money, accountability requirements, accountability of officials and auditing arrangements.

Turning to the conclusions of our report—and there are a lot of them, so I'll be selective—our first conclusion was that the Senedd needs to exert greater influence over the Executive than it does at present to satisfy the need for greater accountability required by the new taxation powers. Our second conclusion is that we should follow the Scottish example and establish an independent group to take this process forward and look in detail at some key questions, such as: is a finance Bill needed? How does the Welsh Government's forecasting capacity fit into this? And how do we better engage with the public in the budget-setting process?

Can I also say that, as Chair of the Public Accounts Committee, I was pleased by the inclusion of conclusion 9, that sees Audit Wales as a stakeholder of particular significance? Audit Wales has a breadth of experience that it can bring to the budget-setting process, but it is important that its roles of approving public expenditure and monitoring accounts are kept separate. Audit Scotland told us that Scotland has a modified legislative process for the budget, which reflects the time-critical nature of forming a budget. So, arguments about speed should not be deployed against this idea.

Conclusion 4 talks about maturity, and this is an important aspect of this debate. There needs to be an equitable balance between the legislature and the Executive, and this will strengthen the roles of both Welsh Government and the Senedd, rather than weaken them.

So, in conclusion, Cadeirydd, we think that the approach taken in Scotland is worth following, where experts and stakeholders come together to agree a way forward that meets the needs of all whilst maintaining simplicity, transparency and accountability. At the end of the day, this is about devolution growing up. We now sit in a Parliament in name as well as role, and it's time for the process here to start reflecting that better. For me, it is no longer a question of whether we have a legislative budget process, but when. Let's get on with it.