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Present

  • Rt. Hon. Mark Drakeford AM (Chair)
  • Rebecca Evans AM
  • Lesley Griffiths AM
  • Julie James AM
  • Eluned Morgan AM
  • Ken Skates AM
  • Kirsty Williams AM
  • Jeremy Miles AM
  • Jane Hutt AM
  • Hannah Blythyn AM
  • Julie Morgan AM
  • Dafydd Elis Thomas AM
  • Lee Waters AM
  • Shan Morgan – Permanent Secretary
  • Des Clifford – Director General Office of the First Minister
  • Carys Evans – Principal Private Secretary to the First Minister
  • Will Whiteley – Head of Cabinet Division
  • Toby Mason – Head of Strategic Communications
  • Jane Runeckles – Special Adviser
  • David Davies – Special Adviser
  • Alex Bevan – Special Adviser
  • Dan Butler – Special Adviser
  • Sara Faye – Special Adviser
  • Andrew Johnson – Special Adviser
  • Clare Jenkins – Special Adviser
  • Mitch Theaker – Special Adviser
  • Tom Woodward – Special Adviser
  • Christopher W Morgan – Cabinet Secretariat (minutes)
  • Damian Roche – Cabinet Secretariat
  • Andrew Jeffreys – Director Welsh Treasury
  • Margaret Davies – Deputy Director Strategic Budgeting

Apologies

  • Vaughan Gething AM

Item 1: Final Budget 2020 to 2021 CAB(19-20)42

  1. The Minister for Finance and Trefnydd introduced the paper, which asked Cabinet to agree the final Budget for 2020-21. 
  2. In recent years, the UK government had moved to a single fiscal event in the autumn, normally between the draft and final Welsh Budgets, which would have given some additional headroom. However, this year, the UK Budget had been scheduled a week after the final Budget debate, on 11 March.  
  3. Furthermore, a week before the publication of the Second Supplementary Budget, the UK government confirmed both positive and negative consequentials for 2019 to 2020.  
  4. When compared to the planning assumptions for 2019 to 2020, the net result of these adjustments was a modest revenue uplift of £19 million, but with reductions of £106 million Financial Transactions funding and almost £100 million general capital.    
  5. Adjustments on this scale at this stage in the financial year were outside the spirit of the Statement of Funding Policy, and yet another example of the UK government ignoring principles set out in the Statement of Funding Policy. The minister had written to the Chief Secretary to the Treasury to object to the principle of the changes being made so late in the financial year. 
  6. In the meantime, to mitigate these decisions, the Financial Transactions reductions would be absorbed in-year and maximum flexibility had been secured from UK Treasury to manage the other adjustments during 2020 to 2021. 
  7. Given these circumstances, only a small number of technical changes to the 2020 to 2021 Budget were proposed.
  8. Cabinet approved the paper and noted that the Final Budget would be published on 25th February and debated in the Siambr on 3rd March.

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