The Scottish government announced on Thursday that it will issue its first-ever sovereign bonds in the 2026/27 fiscal year to raise funds for infrastructure development. The move marks the start of a planned £1.5 billion ($1.97 billion) bond programme, scheduled to roll out over the next parliamentary term beginning after elections in May 2026. Officials said the final plans will depend on the results of that election.
Although Scotland remains part of the United Kingdom, it operates under a devolved system with its own parliament and limited powers over income tax and certain economic matters. Broader macroeconomic policy, however, remains under the control of the U.K. government.
The bond plan follows credit assessments issued on Wednesday by S&P Global and Moody’s, which assigned Scotland ratings equivalent to the U.K.’s and higher than those of Spain, Italy, and Japan.
These high credit ratings reflect Scotland’s strong institutions, responsible fiscal management, and supportive business environment,” said First Minister John Swinney. He added that the introduction of Scottish government bonds.
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