It runs a vast budget deficit. It keeps raising taxes way above its neighbour. It spends wildly, it is at war with its major industry, and its former leader has been arrested over an investigation into missing party funds. But, heck, never mind about that. Humza Yousaf, the leader of the Scottish National Party, has just decided the bond markets will now have the privilege of ignoring Switzerland and Norway for a few days and can lend a few billion to Scotland instead. There is just a small problem, however. Why would anyone want to lend money to Humza?
It was certainly an ambitious proposal. In his conference speech, Humza Yousaf announced plans to tap the bond markets directly. Using powers granted after the independence referendum, the Scottish administration is allowed to borrow up to £3 billion on its own account. According to the First Minister, the money could be invested in houses and infrastructure.
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