The government is granting the Scottish government the power to issue its own bonds, Chief Secretary to the Treasury,
This will broaden the sources of financing available to the Scottish government for capital investment such as major transport projects, hospitals, schools and flood defences, when borrowing powers are implemented in 2015-16.
Under the Scotland Act 2012 the Scottish government is already able to borrow up to a total of
This is the first time that a devolved administration has been able to borrow in this way, and clearly shows the government's commitment to devolution, and to maximising the benefits of the union.
Access to the NLF already allows the Scottish government to benefit directly from the
The Chief Secretary to the Treasury,
* This is an historic announcement, demonstrating once again how
* It will of course be up to the Scottish government to manage their borrowing, but this is complemented by the tax powers in the Scotland Act providing the Scottish government with an independent source of revenue to support borrowing costs.
The Chancellor of the Exchequer,
* This is an historic moment for
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