The Official Report is a written record of public meetings of the Parliament and committees.
All Official Reports of meetings in the Debating Chamber of the Scottish Parliament.
All Official Reports of public meetings of committees.
Displaying 3032 contributions
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
So there is no, say, three-month period in which the rate is fixed—it is literally borrowing by borrowing. It is different in that way.
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
It seems to me that it should be possible to link borrowing to either one project or multiple projects, because there must be some correlation between what you are borrowing and what you are spending it on.
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
Indeed. Private finance initiative projects that will mature over the next year or two could carry a certain amount of capital costs, depending on which options are taken under the agreement. They could be quite substantial, and it would be good to be able to see them coming down the line.
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
Is there any sign of a link between the increased borrowing and the decrease in availability of financial transactions?
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
Thank you, convener.
First, I will have a wee look at financial pressures. Over the past few years, I have thought that financial pressures have been increasing year by year. I was interested in your comment that the funding challenge for 2023-24 was lower than that in 2022-23. Why was that?
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
Quite obviously, as has been touched on already, the financial pressures, including pay deals and inflationary pressures that are just as harsh on our budget, have been met through one-off reductions. How feasible is it for the Government to make the structural changes that are needed? Doing that usually requires capital in order to enable a long-term step change in the way in which the budget is put together and administered.
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
It seems to me that, if I look not just at the Government’s consolidated accounts but across the public sector at all the organisations that I have come into contact with, including local government, they all seem to be using one-off fixes to get them through each year. It seems to be endemic, wherever there is public funding, that people are trying to save money, but the bulk of that is not being done on a recurring basis. If that continues unchanged, what will happen?
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
Lastly, I have a couple of quick questions. The increased borrowing and the interest payments and so on that go with it must be hitting the Government’s headroom for things such as pay deals.
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
I was wondering whether there is a correlation as, if I recall correctly, financial transactions were used extensively by the Scottish National Investment Bank. With their withdrawal, the capital to top up SNIB’s funding pot will have to come from somewhere else.
Public Audit Committee
Meeting date: 7 November 2024
Colin Beattie
Okay.