The Chartered Institute for Public Finance and Accountancy's (CIPFA) chief executive has demanded the Barnett formula be reviewed in light of the Smith Commission's recommendations. Rob Whiteman spoke out as CIPFA said the formula should be 'replaced in a planned way' with a fairer and 'more effective funding allocation model' for the UK. The Smith Commission on further devolution last week recommended that the Scottish Parliament should be given the power to set income tax rates and bands but said the Barnett formula would continue to be used to determine the remaining block grant. However, a briefing by CIPFA urged the adoption of a 'more transparent needs-based funding framework' for all regions of the UK.
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