Wales Bill

Part of Bill Presented – in the House of Commons at 4:07 pm on 31 March 2014.

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Photo of Geraint Davies Geraint Davies Parliamentary Assembly of the Council of Europe (Substitute Member) 4:07, 31 March 2014

May I ask for clarification on something, because my right hon. Friend Mr Hain talked about the levels up to the current rate? At a marginal tax rate of one extra penny, the gross value added in Wales is 70% that of the UK. My understanding is therefore that the extra penny charged locally in Wales would generate less income than an extra penny charged across the UK and then transferred over to Wales—so we would lose out, would we not?