The document outlines the proposed financial arrangements for the Scottish Parliament and the Welsh Assembly under the devolution plans. It explains that funding for Scotland and Wales will continue to rely on the Block and formula system, similar to Northern Ireland, with adjustments to accommodate the new institutions and responsibilities. Agriculture, fisheries, and food expenditure will remain separate, with specific allocations for EU-funded schemes like the Common Agricultural Policy. Additionally, the Scottish Parliament will have limited tax-varying powers, and both the Scottish Parliament and Welsh Assembly will have control over local government expenditure and taxation, with accountability measures including scrutiny and audit arrangements to ensure proper use of funds.
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