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The Scotland Act 1998 (Variation of Borrowing Power) Order 2015
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Statutory Instruments
2015 No. 932
Constitutional Law
Devolution, Scotland
Public Finance And Accountability
The Scotland Act 1998 (Variation of Borrowing Power) Order 2015
Made
24th March 2015
Coming into force
1st April 2015
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 1998(1).
In accordance with paragraphs 1 and 2 of Schedule 7 to that Act(2) a draft of this Order has been laid before and approved by a resolution of the House of Commons.
Citation and commencement
1. 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 1998
2. In section 66(1A) of the Scotland Act 1998(3), 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
23rd March 2015
We consent
Alun Cairns
David Evennett
Two of the Lords Commissioners of Her Majesty’s Treasury
24th March 2015
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.
(1)
1998 c. 46; section 66(5) was inserted by section 32(5) of the Scotland Act 2012 (c. 11) (the “2012 Act”).
(2)
Paragraph 1 was amended by section 32(12) of the 2012 Act.
(3)
Section 66(1A) was inserted by section 32(3) of the 2012 Act.
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