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Monday, May 29, 2023

Scottish Government Requests New Financial Powers

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Finance Secretary Kate Forbes (pictured) has formally requested new powers to help meet “the significant economic and fiscal challenges” of coronavirus (COVID-19).

Writing to the Chief Secretary to the Treasury, she details the temporary changes being sought by the Scottish Government.

These include the ability to switch money from the capital budget to day-to-day spending and the flexibility to borrow up to £500 million this year to support the COVID-19 response.

She also emphasises the need to discuss permanent new financial arrangements to help the devolved administrations better manage budgetary risk.

The letter has been sent ahead of the latest regular quadrilateral meeting involving finance ministers from the UK, Scottish, Welsh and Northern Irish governments, which is due to take place remotely tomorrow (Friday, 26 June).

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