Lord Jones: 'Wales needs a better workforce not tax powers'
Wales should forget devolving tax powers and create a more highly skilled workforce that can compete globally, a former director general of the CBI has said.
Lord Jones said the current funding system is unfair to Wales and too much money went to Scotland.
The former trade minister said Scotland "isn't special" and should not be treated differently.
But he said devolving tax was not the best way to deal with underfunding.
"What I would say is beware what you wish for because you just might get it," Lord Jones said.
"You can only generate taxation out of wealth and if you're not generating the wealth, you can't have the taxation to spend on your public services. So just be careful.
"I personally think Wales would go down the wrong path by wanting more fiscal powers."
Lord Jones said the Barnett Formula, the system which funds Wales, Scotland and Northern Ireland, was unfair and gave too much money to Scotland.