Scotland could soon have power to issue gilts

Scottish ministers could soon have the power to issue their own bonds, chief secretary to the UK Treasury, Danny Alexander, is set to tell the Glasgow Chamber of Commerce today.

A consultation on the proposal was issued today, aiming to gather views and evidence on the potential advantages and disadvantages for bond issuance by Scottish ministers, both for Scotland and the rest of the UK. Issues to be reviewed include value for money for Scottish and UK taxpayers, macroeconomic issues and alternative sources of borrowing. "This takes forward the commitments we made in the Scotland Act, which represented the greatest transfer of powers from Westminster for three hundred years," said Alexander. "I hope that academics, investors and other market participants ...