A FINANCE summit yesterday involving Westminster ministers and their counterparts at the devolved administrations was told that there was no threat to the Barnett formula.

Paul Boateng, chief secretary to the Treasury, met the other ministers in Edinburgh, in person and by video link, to discuss the forthcoming UK spending review which determines how much Holyrood gets from Westminster for key services, before chairing a roundtable discussion with senior Scottish industry figures.

Mr Boateng reaffirmed the government's insistence that it had no plans to change the Barnett funding formula that determines Holyrood's block grant, despite claims from some English MPs that it unfairly favours Scotland.

He said: ''It has served the United Kingdom, Scotland, England and its constituent parts very well for very many years, and I have no doubt it will continue to do so for some yet.''

The Treasury secretary said the meeting represented the ''strengthening of the devolution settlement'' to help meet the challenge of promoting economic growth, reducing regional and national disparities, and sharing good practice in delivering public services.

He said discussions also covered ''how best to ensure Scotland's interest was represented'' in the course of the upcoming spending review.