PLAID Cymru's Treasury spokesman has called for the Calman Cymru Commission to carry out its work swiftly and transfer financial powers to Wales promptly, as the Bank of England again lowered UK economic growth forecasts.

MP Jonathan Edwards said devolving greater financial and economic powers to Wales would allow the Welsh Government to act in the best interests of the country rather than relying on London to make decisions.

Plaid Cymru has proposed measures such as a reduction in corporation tax in Wales, investment in infrastructure and jobs and a temporary cut in VAT to stimulate the economy.

He said: "Plaid Cymru has set out a series of ideas for Wales which will stimulate economic growth and jobs here. We need powers over corporation tax in Wales, so we can give our companies an economic advantage in the market-place.

"We should be able to borrow money to invest in our infrastructure."

Business reaction to economic forecast — see page 25