Welsh Conservatives today called on the Welsh Labour Government to start planning now how it might use future powers, announced by the UK Government, to benefit the Welsh economy.
Earlier this month the Prime Minister announced that the UK Government will support the devolution of borrowing and taxation powers, including income tax, subject to a referendum.
David Cameron also announced that the 2014 NATO summit will be held at the Celtic Manor in Newport. It was estimated that last year's summit in Chicago injected $123million into the city's economy.
Welsh Conservatives have previously called for moves to make Wales' economy more competitive to help secure economic growth and end Wales' position as the poorest part of the UK.
Paul Davies AM, Shadow Minister for Finance, said, "Under 14 years of successive Welsh Labour Governments, Wales has remained the poorest part of the UK, but the prospect of the devolution of taxation levers could be a game changer.
"We have been clear that we believe taxation powers have the potential to make Wales a low tax economy, which will attract inward investment and allow small businesses to prosper and create new jobs.
"We have yet to hear from Labour Ministers what they would want to do with any new powers to stimulate economic growth or how they will work with the UK Government to maximise the benefits to Wales of next year's NATO summit.
"Labour Ministers have been slow off the mark and missed the boat in taking advantage of previous global events like the Olympic Games and must ensure that next year they take every opportunity to showcase what Newport and Wales have to offer.
"It is time for the Welsh Government to end its blame culture and start acting like a proper government by taking responsibility for raising a proportion of the money it spends.
"It is very easy for Labour Ministers to spend other people's money, but if those Ministers become responsible for raising some of that money, they will have to cut out wasteful spending and deliver more efficient services for people in Wales.
"Labour Ministers need to come clean and say what they would do with taxation and borrowing powers and which infrastructure projects they would prioritise to ensure that all parts of Wales can reap the benefits of greater investment."