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 [...]