Agenda and minutes

Thomas Nicholls, Chief Economist, Welsh Government

Julian Revell, Head of Fiscal Analysis, Welsh Government

Supporting documents:

FIN(6)-18-24 P1 – Presentation slides

Senedd Research Brief

1.1 The Committee received a pre-budget technical briefing from Thomas Nicholls, Chief Economist, Welsh Government; and Julian Revell, Head of Fiscal Analysis, Welsh Government.

1.2 The Chief Economist agreed to provide the Committee with a note on the following:

·         Annual Gross domestic product (GDP) data for Wales,

·         Productivity data per sector for Wales and the UK.

2.1 The Chair welcomed Members to the meeting of the Finance Committee.

3.1 The Committee noted the papers.

Mark Drakeford MS, Cabinet Secretary for Finance and Welsh Language

Andrew Jeffreys, Director Treasury, Welsh Government

Emma Watkins, Deputy Director, Budget and Government Business, Welsh Government

Supporting documents:

Senedd Research Brief

4.1 The Committee took evidence in relation to Pre-budget scrutiny from Mark Drakeford MS, Cabinet Secretary for Finance and the Welsh Language, Welsh Government; Andrew Jeffreys, Director Treasury, Welsh Government; and Emma Watkins, Deputy Director, Budget and Government Business, Welsh Government.

4.2 The Cabinet Secretary agreed to provide the following:

·         An update on future meetings within the top tier of the Finance: Inter-Ministerial Standing Committee (F:ISC).

·         Further information on any modelling or studies relating to the potential impact of raising income tax and / or increasing the number of income tax bands, on cross-border movement of individuals and the amount of income tax revenue received. In particular, any update on the work being undertaken with the Scottish Government and HMRC in relation to longitudinal research carried out by HMRC on taxpayer behaviour, following the implementation of different tax rates in Scotland.

4.3 The Committee agreed to write to the Office of National Statistics regarding the publication of Wales-specific Quarterly Growth Data.

5.1 The motion was agreed.

Dr Rhys Ap Gwilym, Senior Lecturer in Economics, Bangor University

Dr Edward Jones, Senior Lecturer in Economics, Bangor University

Supporting documents:

FIN(6)-18-24 P2 – Presentation slides

Senedd Research Brief

6.1 The Committee received a pre-budget technical briefing from Dr Rhys Ap Gwilym, Senior Lecturer in Economics, Bangor University; and Dr Edward Jones, Senior Lecturer in Economics, Bangor University.

7.1 The Committee considered the evidence received.

Supporting documents:

FIN(6)-18-24 P3 – Cover paper

FIN(6)-18-24 P4 – Letter from Audit Wales: The code of practice governing the relationship between the AGW and the WAO – 9 September 2024

8.1 The Committee approved the revised Code of Relationship Practice between the Auditor General for Wales and the Wales Audit Office, in accordance with Standing Order 18.10(ix).

Supporting documents:

FIN(6)-18-24 P5 – Draft report

9.1 The Committee considered the draft report and agreed it with minor changes.