To ask the Chancellor of the Exchequer, how much funding the Welsh Government (a) has received and (b) is forecast to receive in additional Barnett Formula consequential funding as a result of income raised via the Residential Property Developer Tax.
Answered on
22 October 2024
The Residential Property Developer Tax is a UK-wide tax. UK-wide tax revenue goes into the UK Consolidated Fund.
The Barnett formula then applies to changes in UK Government departmental budgets.
The Welsh Government receives around 20% more funding per person than equivalent UK Government spending in other parts of the UK. That translates to £3.5 billion more per year on average for the Welsh Government.
Answered by
Treasury