Latest Issue

Scottish referendum: What is the Barnett Formula?

By Jeremy Gordon  

Will the promises made by the major parties before the independence referendum be kept? © Lefteris Pitarakis/AP/Press Association Images

The Barnett Formula is used by the Treasury to work out how much public money should go to each devolved administration in the UK (Scotland, Wales and Northern Ireland). It was devised by Joel Barnett, then Chief Secretary to the Treasury, now Lord Barnett, and has been in use since 1978, first in Scotland, and…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect