THE devolution of control over landfill taxes and stamp duty — which house buyers pay when they purchase a property — opens the way for the Welsh Government to borrow money, using revenue from the taxes to service the debt.
It is likely Cardiff Bay would be able to borrow around a £1.1 billion — half the amount Scotland can raise in the financial markets.
It is understood the Welsh Government is looking at a number of possible infrastructure projects, including an M4 relief road around Newport.
The Prime Minister also announced that legislation would be brought forward to allow the Welsh Government to call a referendum on whether the Cardiff Bay administration should be granted the power to vary income tax, though there is no indication yet of if, or when, such as vote might take place.
The Federation of Small Businesses Wales has also called for the full devolution of business rates, saying it would open the way for "much-needed reform".