Treasury written question – answered at on 3 November 2025.
Ben Lake
Plaid Cymru, Ceredigion Preseli
To ask the Chancellor of the exchequer, what recent discussions she has had with the Welsh Government on a formal review of Wales’s fiscal framework.
James Murray
The Chief Secretary to the Treasury
We have ongoing discussions with the Welsh Government about funding flexibilities and updating their Fiscal Framework and remain committed to working in partnership to ensure the smooth delivery of their funding settlement.
HM Treasury ministers regularly engage with Welsh Government counterparts, including through forums such as the Finance: Interministerial Standing Committee (F:ISC), to discuss a range of issues affecting Wales, including funding arrangements. The most recent F:ISC was on 17 October.
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The chancellor of the exchequer is the government's chief financial minister and as such is responsible for raising government revenue through taxation or borrowing and for controlling overall government spending.
The chancellor's plans for the economy are delivered to the House of Commons every year in the Budget speech.
The chancellor is the most senior figure at the Treasury, even though the prime minister holds an additional title of 'First Lord of the Treasury'. He normally resides at Number 11 Downing Street.
In a normal session there are up to ten standing committees on bills. Each has a chair and from 16 to 50 members. Standing committee members on bills are appointed afresh for each new bill by the Committee of Selection which is required to take account of the composition of the House of Commons (ie. party proportions) as well as the qualification of members to be nominated. The committees are chaired by a member of the Chairmen's Panel (whose members are appointed by the Speaker). In standing committees the Chairman has much the same function as the Speaker in the House of Commons. Like the Speaker, a chairman votes only in the event of a tie, and then usually in accordance with precedent. The committees consider each bill clause by clause and may make amendments. There are no standing committees in the House of Lords.
