Scottish Government Bonds and Investing in Ourselves
Scottish Government Bonds and Investing in Ourselves Working Paper William Thomson (Scotonomics) and Jim Osborne (Scottish Currency Group). Download the full report On November 13th, 2025, the Scottish Government published its plans for a Bonds Programme as an alternative to borrowing from the UK Treasury National Loan Fund (NLF) to fund capital investment. Between 2026 and 2030, the Scottish Government plans to raise £1.5 billion in international capital markets through a wholesale bond issuance. Under the fiscal framework negotiated in 2023, the Scottish Government can borrow around £450 million each year, with an overall limit of no more than £3 [...]
Scottish Government New Bonds
By borrowing from the financial markets, the Scottish government seeks to reduce its financial obligations to the UK government. Soon, the Scottish government will issue its own bonds. As outlined in the Scottish Government announcement, it is the first step for Scotland to demonstrate to international markets that it is a stable destination for more foreign investment. I first wrote about this in 2023. You can read the post here. I covered the options that the government was ignoring, as well as the overall danger and weakness of borrowing in a currency you don’t issue. The decision to issue bonds [...]
Private sector debt in Scotland
Private sector debt in Scotland - the real ticking time bomb You can be sure of one thing. If politicians and mainstream economists are not talking about something, it must be important. We live in an era of misdirection. Ample headlines and column inches are dedicated to the national debt. Nothing is written about private sector debt. Thankfully, both Professor Richard Murphy and Professor Steve Keen have been keeping this topic bubbling over for the last while (for Steve Keen, it has pretty much been his life's work). The same can not be said of the economic mainstream. The mainstream [...]
The MMT lens for an independent Scotland and Wales
Warren Mosler uses the MMT lens to explain how both Scotland and Wales can enact progressive policies once they are separate from the rest of the United Kingdom In late August 2025, Warren Mosler, the founder of Modern Monetary Theory, delivered a landmark presentation in Cardiff. It was the first time he considered how his insights could be used to support the successful economic independence of both Wales and Scotland. "When you're trying to explain policy and what will work, what will be progressive, [mainstream assumptions are] a significant obstacle" - Warren Mosler. In sum, supporting policymakers in reframing and [...]
Scottish Currency Project. The Transition to a Scottish Currency
Over the coming months, Scotonomics will consult with monetary operations academics and finance professionals to build the knowledge base on a transition to a Scottish Currency after independence. We will also refer to and cite the extensive literature on currency creation, currency operations, transitioning to a new currency, and establishing a new currency. We are fortunate that the literature is vast. We will also consult with the Scottish Currency Group and their new initiatives of a Monetary Research Institute and the commissioning of an academic, Dr Thibault Laurentjoye, Author of “Currency Options For An Independent Wales”, to look at “Options [...]
Scotland’s exports are stuck
Food and drink exports have increased by 7% in the last decade. But look behind that figure and you see a very different story about Scotland's exports. A 'story' emerged at the end of May about Scotland's food and drink exports. The Herald picked up on the story, but I couldn’t see it anywhere else (apart from various threads, etc, on X). I assume it was a story released by the SNP. The headline was that Scotland's exports in food and drink were six times those of England per capita. Here's an image from an MSP's page on Facebook: [...]
Understanding Scotland Economy Tracker Response from Scotonomics
Understanding Scotland Economy Tracker - The underlying story of Scotland’s economy is a lack of government spending For the last four years The Understanding Scotland Economy tracker has been tracking the general public’s views on the economy. See the latest report here. Every quarter we get a feel for economic sentiment from a cross section of over 2000 Scots. I attended the releasee of the report in Edinburgh on the 27th May. The survey is wide ranging - designed to be top level for others to look into the details - and provides a good ‘vibe’ of what is going [...]
Greece shows the importance of Scotland issuing its own currency
The experience of Greece provides an another example of the importance of Scotland issuing its own currency One of the scare stories we hear about Scottish independence is that Greece's economic and social troubles in the early 2010s should be taken as warning for an independent Scotland. The truth is that Greece's story strongly points us in one direction, away from using Sterling and taking advantage of the significant control offered by issuing your own currency. An institutional approach It is exceptionally important that we learn the right lessons as we plan for Scotland to become independent again. It is [...]
Scotland’s Fight Against UK Fiscal Austerity
The Scottish Government call it 'Social Security'. It is 'Welfare' in Westminster. Clear Blue Water: Scotland's Fight Against UK Fiscal Austerity It’s rare indeed to be able to match the words of a politician with their actions. The proposed 2025/26 Scottish budget listed eradicating child poverty as one of its four priorities. In a budget speech earlier this month, John Swinney went further, “Eradicating child poverty is my top priority because I do not wish to condemn any young Scot to a life of disadvantage simply because of where they were born.” Turning words into action, the Scottish Government will [...]
Scotland and the Euro. Enough already
Can we please put this one to bed? Scotland will never join the Euro. End of. The choice is clear: keep the pound or use our own currency. In this short post, I will explain why the Euro is not a currency option for an independent Scotland. Please send your pro-Euro Indy mates here! In 2022, the Scottish government announced that the plan for a currency union with England, ‘Sterlingisation’, was no longer the preferred currency option for Scotland. The medium to long-term plan was to adopt our own currency, "This would take place as soon as practicable through a careful [...]