The UK Government has today given more details about the decision to transfer economic and fiscal powers to Wales, as announced earlier this month. In a note posted on its website, the British executive says the Welsh Government could be "in control of £3 billion (€3.58 billion) of tax revenue" after the entry into force of the new distribution of powers.

It has also been revealed that, in addition to the transfer of several taxes, Wales will be allowed to create its own taxes "with the UK Government's agreement".

The income tax is one of the taxes that could be transferred, as long as the Welsh people approve the move in a referendum that should be called by the Welsh Government. But Labour's First Minister of Wales Carwyn Jones argues that before calling the way the UK funds Welsh institutions should be reformed before calling the referendum.

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