Joel Barnett, Baron Barnett

Joel Barnett, Baron Barnett, (14 October 1923 – 1 November 2014) was a Labour Party politician. As Chief Secretary to the Treasury in the late 1970s, he devised the Barnett Formula that allocates public spending in Scotland, Wales and Northern Ireland.

Career Barnett was born in Manchester, the son of Jewish tailor Louis and wife Ettie, and was educated at Badkindt Hebrew School and Manchester Central Grammar School. He worked as an accountant. He was elected a councillor on Prestwich Borough Council 1956-1959 and was treasurer of Manchester Fabian Society. He reiterated this view in 2014 shortly before the Scottish independence referendum, calling the Formula unsustainable and saying it had become an embarrassment.

Barnett held the Chairmanship of the Public Accounts Committee from 1979 to 1983. He published a memoir Inside the Treasury in 1982, describing his experience as chief secretary. Barnett's Commons seat having been abolished by boundary changes, he was created a life peer as Baron Barnett, of Heywood and Royton in Greater Manchester on 30 September 1983. He served on select committees in the House of Lords including the European Union Committee, the Economic Affairs Committee and the Monetary Policy Committee of the Bank of England. He died on 1 November 2014, aged 91.