Charles III Heir Apparent William, Prince of Wales First Minister (list) Rt Hon Eluned Morgan MS (L) Deputy First Minister Huw Irranca-Davies MS (L) Counsel General-designate – Elisabeth Jones Chief Whip and Trefnydd – Jane Hutt MS (L) Permanent Secretary Sixth Senedd Llywydd (Presiding Officer) Elin Jones MS (PC) Leader of the Opposition Darren Millar MS (C) Shadow Cabinet Prime Minister Rt Hon Keir Starmer MP (L) Secretary of State for Wales Rt Hon Jo Stevens MP (L) Principal councils (leader list) Corporate Joint Committees Local twinning see also: Regional terms and Regional economy United Kingdom Parliament elections European Parliament elections (1979–2020) Local elections Police and crime commissioner elections Referendums The Independent Commission on Funding and Finance for Wales, also known as The Holtham Commission, was established by Rhodri Morgan (First Minister for Wales), Ieuan Wyn Jones (Deputy First Minister for Wales) and Andrew Davies (Minister for Finance and Public Service Delivery), of the Welsh Assembly Government.
[2] Based in Cathays Park, Cardiff, the Commission completed its work in July 2010, publishing its findings in a final report: Fairness and accountability: a new funding settlement for Wales.
[3] The remit of the Commission was to look at the pros and cons of the present formula-based approach to the distribution of public expenditure resources to the Welsh Assembly Government; and identify possible alternative funding mechanisms including the scope for the Welsh Assembly Government to have tax varying powers as well as greater powers to borrow.
[5] In its first report, the Commission concluded that the Barnett Formula lacked any objective justification and had survived for reasons of political and administrative convenience.
As an interim measure, it recommended a modification to the existing formula that would place a "floor" under the block grant, preventing any further convergence towards the average English level of funding per capita.