Unprecedented new powers for Scotland agreedStaff writer ▼ | February 26, 2016
The UK and Scottish Governments have agreed a deal for the Scottish Parliament to become one of the most powerful of its kind in the world.
Fiscal framework After ten rounds of negotiations
Following ten rounds of negotiations, involving the Prime Minister, Chancellor and Chief Secretary to the Treasury, the UK and Scottish Governments have agreed a new fiscal framework.
It means that the UK government is implementing the recommendations of the Smith Commission in full, which will mean unprecedented new powers for Scotland.
The final step will come once the Scotland Bill passes through Parliament later in the spring.
This historic deal means that:
- the Scottish Government will fund more than half of its spending from Scottish taxes, so its funding will be more closely linked to its policy decisions and Scottish economic performance
- Scotland will not receive a penny less than Barnett as a result of population change
- the Scottish Government will get £200 million to implement the new powers a review in the next Parliament will make ensure the deal we have agreed is still delivering against all the Smith principles. ■