Rishi Sunak announced the increase during his Budget statement, and it will see an increase to Scottish Government funding in each year rising by an average of £4.6 billion.
It will rise £2.5 billion for the Welsh Government, and £1.6 billion for the Northern Ireland Executive.
He said: "This is a Budget for the whole United Kingdom. Through the Barnett formula, today’s decisions increase Scottish Government funding, in each year by an average of £4.6bn, Welsh Government funding by £2.5bn, and £1.6bn for the Northern Ireland Executive.
“This delivers, in real terms, the largest block grants for the devolved administrations since the devolution settlements of 1998.
"The whole of the United Kingdom will benefit from the UK Shared Prosperity Fund, and over time we will ramp up funding so that total domestic UK-wide funding will match EU receipts, averaging around £1.5bn a year.
"And we will fund projects across the UK, including: Funding for the Extreme E race in Scotland, the 2022 Hebrides X-Prix. Accelerating funding for the Cardiff City Region Deal in Wales. And funding in Northern Ireland for the Tackling Paramilitarism programme.
"And whilst today demonstrates the indisputable fiscal benefit of being part of the United Kingdom. This is and always will be secondary to the simple truth that we are bound together by more than transactional benefit. It is our collective history, our culture and our security.
"We are, and always will be, one family. One United Kingdom.”