- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government whether the principal objective of issuing bonds under the Scottish Government bond programme is to reduce borrowing costs, diversify funding sources or establish the institutional infrastructure that would be required for an independent Scottish state.
Answer
Strategic objectives for the Bond Programme were published in December 2023. These are:
1. To ensure the Scottish Government can access diverse and cost-effective sources of capital funding and enhance Scotland’s fiscal sustainability;
2. To raise Scotland’s profile to financial investors; and
3. To develop Scotland’s institutions and fiscal disciplines.
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government what financial advantages it considers the issuance of bonds under the Scottish Government bond programme will deliver without an increase in the total amount it is able to borrow under the Fiscal Framework.
Answer
In November 2025 the Scottish Government published a summary Outline Business Case (OBC) assessing the case for the Bonds Programme. This provides an assessment of the potential benefits generated by a bond issuance programme.
The Summary OBR can be accessed from Scottish Government bonds programme: outline business case summary - gov.scot
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government whether it has undertaken a value-for-money assessment of issuing bonds under the Scottish Government bond programme, and whether it will publish the assessment.
Answer
I refer the member to the answer to question S7W-02130 on 17 August 2026. All answers to written Parliamentary Questions are available on the Parliament's website, the search facility for which can be found at https://www.parliament.scot/chamber-and-committees/written-questions-and-answers.
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government whether it has established a maximum acceptable spread over comparable UK gilt yields when determining whether to proceed with an issuance under the Scottish Government bond programme.
Answer
Publishing any indicative credit spread prior to an inaugural issuance risks compromising the final pricing that could be achieved. For these reasons, the Scottish Government will not publicly comment on the potential spread of the first bond issuance.
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government what estimate it has made of the annual costs of maintaining a Scottish Government bond programme, including investor engagement, reporting and compliance.
Answer
The Scottish Government has a total programme budget of £2.1 million for 2026-27. Costs are expected to remain within this budget.
In any subsequent year in which Scottish Bonds are issued, programme costs are not expected to exceed the 2026-27 requirement.
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government what advice it has received regarding any potential impact of constitutional uncertainty on investor appetite for bonds issued under the Scottish Government bond programme.
Answer
The Scottish Government has received a range of advice over the course of the bond programme to support careful development of its borrowing plans.
The Scottish Government would act responsibly and honour its obligations in the event of constitutional change.
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government what it anticipates the final maturity date will be for bonds issued under its forthcoming Scottish Government bond programme.
Answer
Final decisions on tenor will be confirmed closer to issuance.
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Wednesday, 29 July 2026
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Current Status:
Answered by Jenny Gilruth on 17 August 2026
To ask the Scottish Government what criteria it will use to determine whether market conditions are sufficiently favourable to proceed with an issuance under the Scottish Government bond programme, and under what circumstances ministers would decide not to proceed with a bond issuance where market pricing is considered unfavourable.
Answer
The Scottish Government is working closely with its appointed bookrunners to assess market conditions and achieve the most favourable terms available.
Releasing information on the criteria underpinning a potential bond issuance prior to execution could prejudice the Government's position in the market. Such disclosure may shape investor expectations, constrain pricing flexibility and adversely affect the terms on which borrowing can be secured. To do so before a transaction has taken place could therefore risk higher costs to the taxpayer and poorer value for money.
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Thursday, 13 August 2026
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Current Status:
Answer expected on 10 September 2026
To ask the Scottish Government, regarding action taken under the general anti-avoidance rule that was established by the Revenue Scotland and Tax Powers Act 2014, (a) how many times Revenue Scotland has taken action, (b) how many schemes have been challenged (i) successfully and (ii) unsuccessfully, and (c) what the total value of the schemes has been.
Answer
Answer expected on 10 September 2026
- Asked by: Liam McArthur, MSP for Orkney Islands, Scottish Liberal Democrats
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Date lodged: Tuesday, 28 July 2026
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Current Status:
Answered by Tom Arthur on 13 August 2026
To ask the Scottish Government, further to the commitment in the 2026 Scottish National Party manifesto to enact a statutory price cap on essential food items, what consideration it has given to expanding its Scottish Welfare Fund programme rather than introducing a statutory price cap.
Answer
The Scottish Government is responding to ongoing cost of living pressures being felt by households acros , and we are working towards a consultation on the price cap on essential food items within 100 days of this Government.
We continue to invest in free income maximisation support, welfare and debt advice and have maintained investment in the Scottish Welfare Fund, at £41 million this year, alongside £25.5 million of additional investment over the previous two years, helping ensure the Fund remains a vital safety net for households.