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| Pledge to keep Barnett formula branded unfair for Wales | Pledge to keep Barnett formula branded unfair for Wales |
| (35 minutes later) | |
| A pledge by the three Westminster leaders to keep the funding system for Scotland, Wales and Northern Ireland has been criticised by Plaid Cymru. | A pledge by the three Westminster leaders to keep the funding system for Scotland, Wales and Northern Ireland has been criticised by Plaid Cymru. |
| A letter from David Cameron, Ed Miliband and Nick Clegg in a Scottish newspaper pledged to retain the Barnett formula in the event of a no vote. | A letter from David Cameron, Ed Miliband and Nick Clegg in a Scottish newspaper pledged to retain the Barnett formula in the event of a no vote. |
| Under the system, Scotland gets more spending per head than the UK average. | Under the system, Scotland gets more spending per head than the UK average. |
| Plaid Cymru leader Leanne Wood said the formula, determining how public cash is distributed, is unfair to Wales. | Plaid Cymru leader Leanne Wood said the formula, determining how public cash is distributed, is unfair to Wales. |
| Ms Wood, who is campaigning for a yes vote in Scotland, said the pledge by the main Westminster party leaders would leave Wales £300m poorer each year. | Ms Wood, who is campaigning for a yes vote in Scotland, said the pledge by the main Westminster party leaders would leave Wales £300m poorer each year. |
| She said a new formula, based on the genuine needs of Wales' population, could "unlock an additional £300 million a year for our public services". | She said a new formula, based on the genuine needs of Wales' population, could "unlock an additional £300 million a year for our public services". |
| Ms Wood added Labour First Minister Carwyn Jones had simply "failed to win for Wales on funding reform". | |
| But a Welsh Labour spokesman said its "clear" position was that "the current settlement is unfair to Wales and must be reformed". | |
| "Ed Miliband said he recognised this and would seek to address the fair funding issue in a future Labour government," added the spokesman. | |
| The spokesman added that the party did not want resolving the underfunding of Wales to result in "damage" to Scotland's budget. | |
| What could an extra £300m buy the Welsh Government? | What could an extra £300m buy the Welsh Government? |
| The letter from the three party leaders, which appeared on the front page of the Scottish newspaper the Daily Record on Tuesday, outlined the future of Scotland if there is a no vote in Thursday's referendum. | The letter from the three party leaders, which appeared on the front page of the Scottish newspaper the Daily Record on Tuesday, outlined the future of Scotland if there is a no vote in Thursday's referendum. |
| It promised "extensive new powers" for the Scottish Parliament "delivered by the process and to the timetable agreed" by the three parties. | It promised "extensive new powers" for the Scottish Parliament "delivered by the process and to the timetable agreed" by the three parties. |
| Welsh Conservative leader Andrew RT Davies said "nationalists" in Wales needed to "stop bellyaching" about the Barnett formula. | |
| "It's not a silver bullet," said Mr Davies. "The parties of the left all say 'we need more money' out of HM Treasury. | |
| "I would love more money to come to Wales and that case needs to be made, and will be made in the context of the settlement that comes after the referendum on Thursday. | |
| "But you can't use it (the Barnett formula) as the only way to address the shortfalls in Wales' income as otherwise you will always be in that dependency culture". | |
| The Barnett formula, was named after former Chief Secretary to the Treasury Lord Barnett, was devised in 1979 as a way of adjusting block grants to Scotland, Wales and Northern Ireland to spend on devolved policy areas, on the basis of population. | The Barnett formula, was named after former Chief Secretary to the Treasury Lord Barnett, was devised in 1979 as a way of adjusting block grants to Scotland, Wales and Northern Ireland to spend on devolved policy areas, on the basis of population. |
| Previously, First Minister Carwyn Jones called for funding reforms, and in 2009 visiting professor at the Cardiff Business School Gerald Holtham headed a commission that prepared a report on the Barnett formula. | Previously, First Minister Carwyn Jones called for funding reforms, and in 2009 visiting professor at the Cardiff Business School Gerald Holtham headed a commission that prepared a report on the Barnett formula. |
| The economist said underfunding could reach £8.5bn by 2019 and described the system as "arbitrary" and in "urgent need of reform". | The economist said underfunding could reach £8.5bn by 2019 and described the system as "arbitrary" and in "urgent need of reform". |
| Prof Holtham told BBC Wales that people hoping to see the end of the Barnett Formula can "forget it". | Prof Holtham told BBC Wales that people hoping to see the end of the Barnett Formula can "forget it". |
| He added: "One of the things the Welsh government has been pressing for is a very small change to the Barnett Formula that wouldn't affect the Scots, so I suppose it's just about possible that they might get that, but the formula as a whole looks like it's going to be here for some time yet. | |
| "No UK party has actually promised to reform Barnett, in fact they've generally said they wouldn't, so this really reaffirms their long-held position." | "No UK party has actually promised to reform Barnett, in fact they've generally said they wouldn't, so this really reaffirms their long-held position." |