MP Ben Lake has warned over the future of Ceredigion’s universities as he took aim at the UK Government over funding to Wales during a debate on the National Insurance Bill.

During a debate on the bill - which increases National insurance contributions for employers - Labour MP Luke Murphy intervened by asking when Mr Lake, Plaid Cymru’s Treasury Spokesperson, would welcome “the largest real-terms settlement for Wales since devolution”.

Responding, Mr Lake said: “With the Barnett formula, I am not going to thank the hon. Gentleman’s Government for a larger settlement, because that settlement is only a function of spending decisions made to address the needs of public services in England.

“If they had proposed a reform of the Barnett formula to make it a proper needs-based formula, I would very much congratulate the hon. Gentleman and his Government on doing so.”

Plaid Cymru has long criticised the formula for not taking into account Wales’ needs as a nation with an older and sicker population

During the debate, Mr Lake further highlighted the Government’s “failure to support essential public sectors adequately” when increasing taxation in the Budget.

“If our social care hubs, hospices, dentists, and GPs are not adequately reimbursed, all the Government will do is erode the value of the investment they claim to be making,” he said.

He also raised alarm over the financial challenges facing Aberystwyth University and the University of Wales Trinity Saint David, which has a campus in Lampeter.

“I worry very much that we will lose the incredible economic, social, and cultural contributions they make to my constituency,” he said.

Mr Lake has made demands for a “fair, needs-based funding formula and greater protection for Wales’ public services and vital institutions.”

He outlined alternative proposals to raise taxation, including a “wealth tax on the ultra-rich”, which could raise £24bn.

“We all recognise the need to raise revenue to meet the challenges facing our economy,” he said.

“We have heard some alternative suggestions this afternoon—the Government could well have decided to look again at corporation tax, or at least to tackle businesses on the profits they make.”

“It is not fair that wealth inequality continues to grow at the expense of our public services and communities.

“It has been suggested by some that a two per cent tax on assets over £10m, to target the top 20,000 richest people in the country, could raise £24bn.”