It is important that any settlement is fair to Wales. The Government are very conscious of the need to address the issue of fair funding for Wales. I note—I think it has already been mentioned—that according to the Holtham criteria Wales is not currently underfunded, and it is also important that the Welsh Government become responsible for raising more of the money they spend. That is why we will introduce a floor in the level of funding provided to the Welsh Government, and the details will be agreed at the next spending review, in the expectation that the Welsh Government will call a referendum on income tax powers in this Parliament.
The noble Baroness, Lady Randerson, raised the issue of Holtham. It is worth saying that the Secretary of State for Wales has held discussions with Professor Holtham and others with regard to a floor, and the Government consider that the work of the Holtham commission still has resonance today. There are no plans to recommission Professor Holtham to undertake any further analysis.
Before we conclude our deliberations for the day, I thank your Lordships once again for the insight and knowledge demonstrated during today’s debate. We have ranged over a wide area of subject matter, and as I said at the outset, the Government will govern with
respect and honour our promises to improve governance for all parts of our United Kingdom. We have begun to bring forward legislation to secure a strong, fair and enduring constitutional settlement. Bringing together the four nations of our United Kingdom is an important
task and a chief priority of this Government, and I know that your Lordships will play a full part in that task.