AN independent The Finance Secretary has set out proposals to borrow heavily in the first three financial years - 2016/17 to 2018/19 - after the planned formal split with the
In an interview for The Herald's latest Scotland Decides referendum supplement this week,
Instead he favoured borrowing to increase public spending by three per cent each year in the three years immediately following independence.
The proposed spending increase would need extra borrowing of pound(s)2.4 billion in 2018/19 alone.
"Economic performance might be better now, and I can't deny it's better than it has been, but it was shocking in 2011 and 2012 and shockingly worse than was predicted by the
He added that the plan to raise public expenditure by three per cent a year, compared to the one per cent predicted for the
Citing the Scottish budget, he said: "We've demonstrated we can live within our means, so we've got a financial track record and we particularly have a track record in the toughest of times and that counts for a lot with the ratings agencies."
On Friday First Minister
Last month's report on public finances indicated extra spending of pound(s)2.4bn in 2018/19.
Even with extra borrowing,
She added: "Investing in public spending can bring real benefits to the economy and our public finance projections include a 3 per cent increase in public spending funded by additional borrowing in order to ensure public spending keeps pace with inflation - in contrast to
The Finance Secretary has set out proposals to borrow heavily in the first three financial years - 2016/17 to 2018/19 - after the planned formal split with the