"This is the first time that all the fiscal aspects, that is everything to do with finance of devolution have been properly studied, " he said.

BBC: Wales politics

With the support of a "more equitable system of devolution finance" the set-up could "provide the basis for a new constitutional settlement for Wales within a restructured UK", he said.

BBC: Welsh assembly's 'new power after Scots independence'

Sinn Fein's Conor Murphy spoke for the finance committee, with an emphasis on the proposed devolution of corporation tax.

BBC: Programme for Government