NEW  LAW  BESTOWS  NEW  FINANCIAL  POWERS  UPON  WALES  By  Christopher  Wakem,  London  Legal  Contractor  December  27,  2013    

The  UK  government  has  drafted  a  bill  that  would  grant  Wales  new  financial  powers,  including  the  power  to  borrow  money  for  projects  like  roads  and  hospitals,  and  the  power  to  control  taxes  like  stamp  duty  and  landfill  tax.    Following  a  referendum,  the  law  would  give  Welsh  ministers  unprecedented  control  over  the  country’s  own  economic  growth,  responsibility,  and  accountability.  The  Welsh  government  would  be  able  to  borrow  up  to  500  million  pounds  for  capital  spending  and  

another  500  million  for  day-­‐to-­‐day  public  service  expenditure,  and  Welsh  officials  are  currently  trying  to  raise  the  borrowing  ceiling  even  higher.  The  law  would  also  change  the  election  process  and  term-­‐length  for  assembly  members.    Today,  Wales  cannot  borrow  money  or  alter  taxes.  The  country  receives  its  budget  as  a  grant  from  the  UK  Treasury.  But  if  things  go  according  to  plan,  all  this  could  change  as  early  as  next  year,  and  as  late  as  the  general  election  in  May  of  2015.      Christopher  Wakem  is  a  London-­‐based  legal  consultant/contractor  who  has  worked  in  the  independent  bar,  private  practice,  and  in-­‐house  sectors.  He  has  obtained  law  degrees  from  the  University  of  Sheffield  and  University  College.  Mr.  Wakem  has  provide  advice  in  a  wide  array  of  matters,  both  contentious  and  non-­‐contentious,  through  his  company  Lightbringer  Solutions  Ltd.  Chris  has  helped  companies  large  and  small  establish  risk  management  policies,  develop  start-­‐up  procedures,  negotiate  framework  agreements,  secure  insurance  coverage,  and  deal  with  Anti-­‐Money-­‐Laundering  and  Anti-­‐Bribery  and  corruption  matters.