Finance: Interministerial Standing Committee: 15 June 2022

Items and actions

Rebecca Evans MS, Minister for Finance and Local Government (Welsh Government) chaired the second meeting of the F:ISC in Cardiff on 15 June, with attendance from Rt Hon Simon Clarke MP, Chief Secretary to the Treasury (UK Government), Kate Forbes MSP, Cabinet Secretary for Finance and the Economy (Scottish Government), and Conor Murphy MLA, Minister of Finance (Northern Ireland Executive).

Ministers discussed the latest economic outlook and the actions being taken by the UK and devolved governments to address cost of living pressures, including support for households.

As part of a discussion on Net Zero, views were exchanged on progressive ways of investing in the decarbonisation of the energy system to ensure a sustained reduction in prices, particularly for lower income households, whilst supporting the UK’s energy security.

Ministers continued their discussion from the previous F:ISC meeting in March on improving processes to support end of year budgeting and communication.

Each of the devolved government finance ministers provided information on areas of work which included the Independent Commission on the Constitutional Future of Wales, the Northern Ireland Fiscal Commission, and the Scottish Government Resource Spending Review.

Ministers also took the opportunity to discuss EU replacement funding, Covid recovery, including the pressures on the NHS, the UK Infrastructure Bank Bill and freeports.

Ministers noted that the next meeting of the F:ISC would take place in September and would be chaired by the Scottish Government under rotating chairing arrangements for F:ISC.