Coalition ministers insist Wales will become a more equal partner in the UK as new financial powers are devolved to the country.
The powers announced today by the UK Treasury will see the Welsh Government given control of £3 billion of tax revenue - including borrowing powers, control of business rates and the ability to create new taxes.
It will also bring about the creation of a cash reserve to bank money during more prosperous times.
Chief Secretary to the Treasury, Danny Alexander, said the UK Government's decision to implement all but one of the recommendations was a historic moment in Wales' proud history.
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