Commenting on today's joint UK Government/Welsh Government statement on funding reform, Shadow Minister for Finance Paul Davies AM, said:

"Today's announcement is a positive step forward for Wales.

"While it is clear there is much more work to do, this puts Welsh funding on the right track.

"It provides the reassurance we have sought and goes much further than anything Labour did in 13 years in power.

"The detail here shows what can be done when the UK and Welsh Governments work together. It is crucial that this continues for the benefit of Wales."