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Welsh Affairs

I take what the right hon. Gentleman says, but I do not agree. Nobody can deny that the Holtham report was a very good piece of work, and I think that what needs to be done first is the reform of the Barnett formula. Surely, that is the first thing to do; then we can look further. Without taking up too much time, I hope to develop a few thoughts about the fiscal powers that could reasonably be called for at this stage of the devolutionary process.