BARNETT FORMULA (No. 2)

That this House notes with concern the findings of the Holtham Commission's first report which suggested that Wales is under-funded by £300 million every year under the Barnett Formula; further notes that the House of Lords Select Committee on the Barnett Formula has proposed the creation of a Funding Commission that would recommend the allocation of public monies on the basis of need; acknowledges that only a funding settlement based on need to replace the Barnett Formula can provide an equitable solution; and calls on the Government urgently to review the Barnett Formula with a view to replacing it with a needs-based assessment.