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New financial powers to be revealed
David Cameron and Nick Clegg will make a major announcement on new financial powers for Wales today.
The Prime Minister and Deputy Prime Minister will set out details of how the next stage of devolution will work, with Cardiff Bay set to be given some control over taxes and flexibility to borrow money to fund projects.
The Prime Minister indicated that the borrowing powers could be used to upgrade the M4 running through South Wales and hinted at the possible devolution of income tax powers - although that would require a new referendum.
Mr Cameron and Mr Clegg will set out details of the package today, almost a year after the Silk Commission on devolution recommended giving Wales powers on tax and borrowing.
The Prime Minister told ITV Wales: "Let me be very clear: I believe in devolution. I think that we get better government if we give people in Wales more control over their future, more control over their destiny.
"This is a Government that held the referendum on law-making powers for the Welsh Assembly, and we want to take the next steps to give people in Wales more control and more power.
"I also think government is better if government is responsible for raising some of the money that is actually spends. I think that makes it more accountable."
He added: "There are really two issues here: if we want the Welsh Government to be able to borrow money to undertake important infrastructure projects, get more done for the Welsh economy ... like the M4, everyone knows how important that is, then the Welsh Government needs to have some tax revenues.
"The question of income tax, of course as I have said, better if you are responsible for raising some of the money yourself that you spend, but obviously that would involve a referendum."
The cross party Silk Commission, which published its report on financial powers in November last year, recommended giving the Welsh Assembly full powers over levies including stamp duty and responsibility for income tax being shared between the Senedd and Westminster.