The Scottish government could issue bonds from next April after the Treasury confirmed it had begun a formal process to introduce legislation to that effect.
The move, which was first announced in Februrary 2014 following a public consultation, represents a further step in the devolution of powers to Scotland. New legislation will mean Scotland is able to increase its sources of capital borrowing for issues such as transportation, hospitals and schools to include bonds. Under the Scotland Act 2012, it is already allowed to borrow from the National Loans Fund and via commerical loans with a maximum limit of £2.2bn for 2015-16. It is expected a formal amendment will be filed before Parliament rises for Christmas. Treasury Secretary Dan...
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