The government of the United Kingdom has declared that the sovereign of Scotland will be capable of giving out sovereign bonds by itself in coming years. It will comprise of bonds which are assured by the government of Scotland and not that of the United Kingdom.
As provided under the Scotland Bill, the above mentioned bonds which have been named by the Daily telegraph as ‘the Braveheart Bonds’ will be issued as a step towards the wide-ranging and inclusive relocation of the power. There will be also relevance regarding monetary issues to Edinburgh which was previously vested in Westminster.
The Treasury has further made a declaration that the issuance of such bonds will not require any more major law-making. Apart from this, the Scotland administration is also said to be vested with increased authority regarding increasing of taxes.
The entire plan is to work in line with the Scotland Bill and provide Edinburgh with an extra £12b in addition to the budget allotted to it currently worth about £30b for looking after education, health issues and various other facilities for the general public.