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Government of Wales Bill

moved Amendment No. 97:"Page 66, line 13, leave out ““£500 million”” and insert ““£100 million””" The noble Baroness said: Clause 121 concerns loans made by the Secretary of State to Welsh Ministers. Clause 120 allows Welsh Ministers to borrow from the Secretary of State to meet a temporary excess of payments over receipts in the Welsh consolidated fund or to provide a working balance. Under Clause 121 the Treasury makes money available to the Secretary of State for these loans, and subsection (2) provides for a limit of £500 million. My Amendment No. 97 deletes the £500 million limit and replaces it with £100 million. I should say that the amendment is a probing one. I hope that the Government will explain the rationale for the £500 million limit, especially as the loans are for only temporary imbalances between receipts and payments and for ““working balances””—whatever that means. I therefore invite the Minister to say what calculations underpin the figure of £500 million. Will he say how that relates to the annual flows in and out of the Welsh Consolidated Fund? Will he also explain what is meant by a working balance and how much of the £500 million is expected to be used in this way? I beg to move.