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<p>The Government is working closely with the Welsh Government to devolve new tax
and borrowing powers through the Wales Bill. The devolution of tax powers requires
an adjustment to the Welsh Government’s block grant as it will instead retain certain
tax revenues. The proposed block grant adjustment mechanisms are set out in the Wales
Bill Command Paper.</p><p> </p><p>The Government has not had any discussions with
ministers of the Welsh Government during the last 12 months regarding replacing, or
amending, the Barnett Formula as it applies to Wales.</p><p> </p><p> </p><p>The Government
position is clear: our priority remains reducing the deficit and ensuring a secure
economic future for the whole of the UK.</p>
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