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Parliamentary debates and questions

S5W-13963: Dean Lockhart (Mid Scotland and Fife)

Scottish Conservative and Unionist Party

Date lodged: 19 January 2018

To ask the Scottish Government under what circumstances it would be no longer obliged to repay the full amount of financial transactions funding to the Treasury.

Answered by: Derek Mackay 25 January 2018

The Statement of Funding Policy sets out the arrangements between Devolved Administrations and HM Treasury for managing financial transactions capital. As part of compliance with this, the Scottish Government agrees an annual repayment profile with HM Treasury. Any arrangement to repay less than the full value of financial transactions requires agreement with HM Treasury to be obtained. Our current repayment profile incorporates the condition of 60% repayment by 2019-20 that was attached to the first tranche of financial transactions and from the financial year 2020-21 onwards we anticipate a repayment rate of 80% which reflects known and anticipated repayments. We have agreed with HM Treasury that repayments over 80% can be recycled to fund further FT projects.