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Scottish Government To Receive Powers To Issue Finance Bonds

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The Scottish government is to be given the power to issue its own bonds, the UK government has confirmed.

The move will give the Holyrood administration an additional source of financing when borrowing powers are implemented from 2015.

Chancellor George Osborne called it "a historic day for Scotland".

But the Scottish government described it as "nothing new", and said only independence would give Scotland full control of its economy and finances.

Under the Scotland Act 2012, the Scottish government will be able to borrow up to £2.2bn for major capital projects such as transport infrastructure, hospitals and schools.

The act, which implemented many of the recommendations of the Calman Commission on Scottish Devolution, will come into force in 2015 and will allow the Scottish government to borrow through the UK's National Loans Fund and commercial banks.

And if these bonds are defaulted is Westminster expected to pick up the tab?

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