Specificity of the mechanism of funding the British devolved administrations: the Barnett formula

The mechanism applied by the Treasury of the United Kingdom for automatic regulation of amounts of financing public expenditures of Scotland, Wales and Northern Ireland while changing amounts of public sector of economy financing either in England and Wales or in the whole territory of Great Britain are under research in the article. This mechanism has been called «the Barnett formula». Main reasons for the formula criticism and perspectives for its further application are determined.