The Silk Commission is due to publish its first report on 19 November, looking at whether the Welsh government should be made more accountable for the money it spends by devolving tax-varying powers.

BBC: Welsh government given limited borrowing powers

Prof Kemp, an expert in North Sea oil and gas exploration economics, also said devolving tax policies would create the complicated situation of separate taxation regimes in Scottish and the rest of the UK's waters.

BBC: Warning over 'Scottish oil tax'

And it brings to mind a highly controversial piece of economic work by Professors Andrew Hughes-Hallett and Drew Scott, published last year, which argued that the act of devolving tax power in itself can drive up growth rates, at least temporarily.

BBC: Tax Cuts Earn Limited Returns