2015 No. 932
Constitutional Law
Devolution, Scotland
Public Finance And Accountability

The Scotland Act 1998 (Variation of Borrowing Power) Order 2015

Made
Coming into force
The Secretary of State, with the consent of the Treasury, makes the following Order in exercise of the power conferred by section 66(5) of the Scotland Act 19981.
In accordance with paragraphs 1 and 2 of Schedule 7 to that Act2 a draft of this Order has been laid before and approved by a resolution of the House of Commons.

Citation and commencement1.

This Order may be cited as the Scotland Act 1998 (Variation of Borrowing Power) Order 2015 and comes into force on 1st April 2015.

Amendment to section 66 of the Scotland Act 19982.

In section 66(1A) of the Scotland Act 19983, after the word “loan”, insert “or by the issue of bonds (but not bonds transferable by delivery)”.
David Mundell
Parliamentary Under Secretary of State
Scotland Office

Dover House,

London

We consent

Alun Cairns
David Evennett
Two of the Lords Commissioners of Her Majesty’s Treasury
EXPLANATORY NOTE
(This note is not part of the Order)

This Order amends section 66(1A) of the Scotland Act 1998 (c.46). Section 66(1A) provides that the Scottish Ministers may, with the approval of the Treasury, borrow by way of loan sums required by them for the purpose of meeting capital expenditure. The Order provides that, in addition to being able to borrow by loan, the Scottish Ministers can also issue bonds (other than bonds transferrable by delivery).

An impact assessment has not been produced for this instrument as no negative impact on the costs of the private or voluntary sectors is foreseen. Further information is available from the Scotland Office, Dover House, Whitehall, London SW1A 2AU and on https://www.gov.uk/government/organisations/scotland-office. An Explanatory Memorandum is available alongside the instrument at www.legislation.gov.uk.