Debt to hit £1bn as new borrowing powers used ‘to the max’
The Scottish Government is to use its enhanced borrowing powers “to the max” taking its overall debt to about £1 billion, finance secretary Derek Mackay has confirmed.
As part of the devolution of new post-referendum Smith Commission powers, Scottish ministers will be able to borrow up to £3bn, with a maximum annual limit of £450 million. Borrowing powers have also been available for the previous two years under the Calman Commission powers and the Scottish Government said about £1bn will have been used by the end of 2017-18.
Holyrood’s finance committee grilled Mr Mackay on his spending... read more
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