Wales passes tax initiative

A measure allowing local authorities to borrow money to fund new developments has been passed with cross-party support at the National Assembly for Wales.

The scheme to use potential business rates as collateral stemmed from a Liberal Democrat motion to introduce tax increment financing after deputy prime minister Nick Clegg confirmed the scheme for England last week.

Since then the Scottish Government has announced that Edinburgh's waterfront will be the first UK project to be funded under the mechanism.

Shadow economy minister and Liberal Democrat AM Jenny Randerson called on the Labour-Plaid Cymru government "to make sure Wales isn't left behind".

She added: "It is encouraging that this measure has received all-party support. I will be pushing this idea to make sure that the Welsh Assembly Government remains true to this vote."


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