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UK and Welsh governments agree fiscal framework

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The governments of the UK and Wales have agreed a new fiscal framework that sets out how Wales will be funded following the devolution of SDLT and landfill tax from 2018 and, subject to the enactment of the Wales Bill currently before Parliament, Welsh rates of income tax from 2019. The agreement doubles to £1 billion the overall amount the Welsh Government can borrow for capital spending, with an annual limit of £150 million.