Election 2015: Labour's 'extra £375m' pledge to Wales

Owen Smith said Wales would gain 'really large sums' from Labour's plans

Wales would gain an extra £375m a year if Labour wins the general election, the shadow Welsh Secretary has said.

Owen Smith told BBC Wales the money would come from plans to raise taxes on the wealthiest in society, including a "mansion tax" on homes worth over £2m.

He said Labour would also guarantee a minimum level of funding for Wales, in relation to spending levels in England using the Treasury's Barnett formula.

Mr Smith said it would amount to at least an extra £1bn in total.

He told the Jason Mohammad programme: "Under Labour, in addition to setting this funding floor, because of the changes that we're introducing to the taxes system - we're going to be giving an extra £375m a year to Wales.

"Now work that out over the period - it is at least £1bn over the spending period."

Funding pledges

The Welsh Liberal Democrats' manifesto, launched on Wednesday, said the party's proposals for health and education in England would give Wales an extra £600m a year, which the Lib Dems said Welsh ministers should devote to the services concerned.

The party has said it would commission an independent review of Wales' funding arrangements, with a view to raising the Welsh government's budget.

Launching UKIP's manifesto, its party leader Nigel Farage promised to reform the funding system for the devolved governments, to give Wales and England a "better and fairer deal".

Plaid Cymru wants an extra £1.2bn a year for the Welsh government, claiming it would bring spending into line with Scottish levels.

On Tuesday, the Conservatives insisted their plan to give the Welsh government minimum funding had not changed, after the party's election manifesto said a funding floor would only be introduced after a referendum on devolving some income tax powers was called by the Welsh government.

The St David's Day Agreement previously announced by David Cameron and Nick Clegg had said the vote would be an "expectation".