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"I am grateful to the Commission for producing what is a very comprehensive and well-argued report.  This report includes some very important recommendations that representatives from all four political parties have been able to agree on and which fit well with our views on the future path of financial reform

"I am particularly pleased to see that the Commission has endorsed devolution of borrowing powers to help finance investment – this is essential if we are to be given the tools to boost the economy in Wales. I also welcome the proposal for Wales to gain control over certain taxes such as stamp duty, which could give us a new lever to support economic growth.      

"I have long argued that there would need to be a referendum before powers to vary income tax rates were devolved and I am glad to see that the Commission has endorsed this view. We will look carefully at the proposal to move towards devolution of some powers over income tax – provided the people of Wales have the final say.

"Today’s report - coupled with the statement on funding reform that was published jointly with the UK Government last month - provides a solid basis for delivering lasting reforms. We will now give the report careful consideration and will look to work with the UK Government to make quick progress on this agenda."