Finance ministers of devolved nations hold Brexit talks

National Assembly of Wales - credit .Martin.​

Scotland's finance secretary Derek Mackay has met his counterparts from Wales and Northern Ireland to discuss the implications of the vote to leave the European Union for the devolved nations of the UK.

Scotland and Northern Ireland recorded decisive voted for remaining in the EU, while Wales narrowly opted to leave.

The ministers are in Cardiff today to discuss the implications of the vote for public finances.

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Ahead of the meeting Mackay said: “No-one can be clear on the likely impact of Brexit on UK Government finances, and we are already seeing the UK Government suggest changes to future spending plans. It is clear that there are significant issues and challenges ahead.”

The Welsh Government have called for a revision of the country’s funding arrangements to reflect the fact hundreds of millions of EU funding will be taken out of the valleys.

Speaking after the Brexit vote First minister Carwyn Jones said: “During the campaign promises were made that, in the event of Leave, Wales will not lose a penny in funding – the Welsh Government will insist on that commitment being honoured.”