Will the Cabinet Secretary provide an update on discussions with the UK Government to index the drawdown limits of the Wales Reserve and the Senedd's borrowing powers in line with inflation, including expected timescales for implementation?
The UK Labour Manifesto recognised that the Welsh Fiscal Framework is out of date. My predecessor, the Cabinet Secretary for Finance, Constitution and Cabinet Office, wrote to the Chief Secretary to the Treasury (CST) formally requesting the indexing of our borrowing and reserve limits to inflation and the abolition of our annual reserve draw-down limit. I discussed this with the CST when we met on 3 October and we will be discussing further at a bilateral meeting alongside the next Finance: Interministerial Standing Committee meeting in February.