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Barnett Formula — Question

Part of the debate – in the House of Lords at 2:35 pm on 10th February 2015.

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Photo of Lord Stephen Lord Stephen Liberal Democrat 2:35 pm, 10th February 2015

My Lords, can my noble friend first confirm that the preservation of the Barnett formula was one of the key elements of the vow given by all the main party leaders from this Parliament in the run-up to the referendum? Secondly, can he confirm that there would be no Barnett formula whatever if there had been an independent Scotland, and thirdly, that as a consequence the finances of Scotland would be in tatters and the country facing financial ruin if there had been a positive referendum vote in favour of independence?