I feel a sense of anti-climax after the Westminster Labour Government announcement on the Barnett formula - nothing has really changed. Yesterday we were told to await a 'newsworthy' announcement, maybe even a promise of a full review and a floor on funding cuts. It didn't really materialise. Both the Holtham Commission and the House of Lords have said that the Barnett Formula should be replaced, both inquiries included respected economists. Wales will according to Holtham be underfunded by £300m per year and up to £8.5bn over the next decade yet we will not receive any additional revenues Wales is ‘disproportionately disadvantaged'. Now ‘disproportionately disadvantaged' sounds too subjective an interpretation open to substantial political influence. Not much progress - again.