The Budget (Scotland) Act 2024 Amendment Regulations 2024
Overview
The Budget (Scotland) Act 2024 Amendment Regulations 2024 are a set of regulations that amend the Budget (Scotland) Act 2024. The original Act set out the Scottish Government’s spending plans for the 2024-25 financial year. The Amendment Regulations make a number of changes to the Act, including:
- Increasing the Scottish Government’s borrowing limit by £1 billion
- Amending the rules around the Scottish Fiscal Commission’s assessment of the Scottish Government’s budget
- Extending the powers of the Scottish Fiscal Commission
Key Points
- The Scottish Government’s borrowing limit has been increased by £1 billion to £24.7 billion. This will give the Scottish Government more flexibility to borrow money to invest in public services.
- The rules around the Scottish Fiscal Commission’s assessment of the Scottish Government’s budget have been amended. The Commission will now be required to assess the impact of the Scottish Government’s budget on the Scottish economy and public finances.
- The powers of the Scottish Fiscal Commission have been extended. The Commission will now be able to investigate the Scottish Government’s financial management and make recommendations on how to improve it.
Impact
The Budget (Scotland) Act 2024 Amendment Regulations 2024 are likely to have a significant impact on the Scottish economy and public finances. The increased borrowing limit will give the Scottish Government more flexibility to invest in public services, such as healthcare, education, and transport. The amended rules around the Scottish Fiscal Commission’s assessment of the Scottish Government’s budget will help to ensure that the Commission’s assessments are more independent and objective. The extended powers of the Scottish Fiscal Commission will give the Commission more scope to investigate the Scottish Government’s financial management and make recommendations on how to improve it.
Conclusion
The Budget (Scotland) Act 2024 Amendment Regulations 2024 are a significant development in the Scottish devolution settlement. The regulations will give the Scottish Government more flexibility to borrow money and invest in public services. They will also help to ensure that the Scottish Fiscal Commission’s assessments of the Scottish Government’s budget are more independent and objective. The extended powers of the Scottish Fiscal Commission will give the Commission more scope to investigate the Scottish Government’s financial management and make recommendations on how to improve it.
The Budget (Scotland) Act 2024 Amendment Regulations 2024
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