The National Assembly for Wales' Finance Committee has outlined a number of actions it says are needed to ensure that effective budget processes are in place for the scrutiny of the financial powers contained in the Wales Act 2014.
The Committee has made a number of recommendations after considering written and oral evidence from witnesses, including Cardiff Business School, the London School of Economics, Office of Parliamentary Budget Officer Canada and the CPB Netherlands Bureau for Economic Policy.
Jocelyn Davies AM Chair of the Committee said:
"The devolution of fiscal powers, including the ability to raise money through taxes is one of the most important constitutional changes in Wales. How these changes are implemented is of vital importance.
"We looked at what procedures are needed, and have made a number of recommendations which we hope will inform procedures including a new budget procedure, well being indicators, and target and outcome setting. We hope the Committee's findings will help ensure the revised budget process should be based on a cross party agreement in the Assembly and look forward to continued collaboration with the Welsh Government to bring this about."
BestPractise Budget Process Part 2 - Planning and implementing new budgetprocedures (PDF, 668KB)