The Chancellor has confirmed that the government is planning to introduce a Wales Bill that will devolve new tax and borrowing powers to Wales, with details due to be announced today.

The legislation will enable the Welsh government to raise more of the money it spends and give it increased control over investment in infrastructure.  In advance of implementing these new powers, the government has also agreed that the Welsh government can use existing borrowing powers to begin investing in improvements to the M4 motorway in South Wales.

Under the legislation outlined in the  draft Wales Bill, as well as having responsibility for devolved landfill tax and Stamp Duty Land Tax in Wales, the Welsh government will take on full responsibility for non-domestic business rates raised in the region.

Wales will also have the ability to create new taxes with the UK government's agreement and to manage these new tax powers.