Magazine article Public Finance

Call to Review Borrowing Powersffffffffffffffffffff

Magazine article Public Finance

Call to Review Borrowing Powersffffffffffffffffffff

Article excerpt

Leading public finance officials have called for a review of the Scottish Government's powers to determine whether it should be able to borrow to fund major projects.

In a submission to the Calman Commission, set up by Opposition parties to examine the Parliament's powers, CIPFA in Scotland pointed to the apparently anomalous position where local government can borrow but the Scottish Government cannot.

'Some ten years on from the Scotland Act, it is difficult to avoid the conclusion that in a devolved arrangement, where local government has greater fiscal powers than national government, then that position is at least worthy of review! CIPFA said.

If the devolved government were given borrowing powers, the Holyrood Parliament would need a mechanism to ensure these were used in accordance with both legislation and professional good practice.

CIPFA suggested its Prudential Code for Capital Finance in Local Authorities as a model for consideration. This professional code replaced a detailed legislative regime for local authority capital finance and enables control of capital investment to be managed locally rather than nationally. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.