Hay Festival 2015: FT's Martin Wolf on regional growth

More financial powers and the creation of a development bank could bring "considerable benefits" for Wales, a leading economics commentator has said.

Martin Wolf of the Financial Times said such measures could help tackle economic inequality across the UK's nations and regions.

But he warned that any development bank should be a public-private partnership to avoid it becoming "heavily politicised".

The Welsh government is expected to decide soon whether to set up a bank.

Mr Wolf was speaking to the BBC's Wales at Work programme during a visit to the Hay Festival to promote his book, The Shifts and the Shocks, which looks at the failure to learn lessons from the financial crash.

Here is the full version of the interview - part of which was broadcast - in which Mr Wolf discusses with BBC Wales business correspondent Brian Meechan the idea of development banks, the "northern powerhouse" and the chance of another banking crisis.

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