The House of Lords has set up an ad hoc committee to review the Barnett formula. Committee chair, Lord Richard, who chaired a 2002 commission on devolved powers in Wales, announced the decision on 12 December. The panel will review ‘the purpose, methodology and application' of the formula, which is used to calculate funding for devolved UK administrations. Peers will also ‘assess the effectiveness of the calculation mechanism to meet its purpose'.