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The Budget

That is not my understanding of the situation. I understand that the Welsh Assembly Government have not been allowed to access the money—we will have to agree to disagree about that. I make no apology for raising such issues in the debate. The comprehensive spending review imposed on the Welsh Government a real-terms cut of 11.4% over the course of the spending review period, which is a cumulative amount of £5.368 billion. The subsequent Welsh Government Budget announced cuts in capital spending of 41% but, as I was saying, capital spending is exactly the sort of public money that is best used to drive economic growth. It is all very well for the Secretary of State to reel off a wish list, as she did this morning, but when we are faced with such cuts, especially in capital spending, where will the money come from to achieve those objectives? In the light of the CSR settlement, the least Wales deserves is financial justice on what ought to be its money. Following the referendum, that will be the major political issue over the medium term. It would be advisable for the Treasury to address quickly the injustices of the Barnett formula, the housing revenue account subsidy scheme and end-year flexibility, or the political consequences in Wales for both coalition parties will be severe indeed.