- Home
- Publications
- Real Devolution: The Power To Borrow
Real Devolution: The Power to Borrow
Downloads
DP437Related Themes
Productivity, Trade, and Regional EconomiesTwo points are clear from the Scottish referendum debate. First, there are certain capabilities which the UK provides that are invaluable to all constituent nations. In particular, a successful currency union and a seat at the top table of the world’s leading international forums, such as the European Union and NATO. There may be other centrally provided capabilities which are highly valued, such as security and diplomacy. Second, there is a clear wish for genuine power to be transferred away from central government to local decision making. This is not simply a matter of more discretion over how to spend resources allocated via budget transfers, but real responsibility for economic choices to meet local needs. This paper argues that devolution can only be meaningful if Scotland - and, crucially, Wales, Northern Ireland and regions in England - have the power to borrow. Contrary to received Whitehall and Westminster wisdom, such powers are feasible and desirable.
Related Blog Posts
Exploring the Data on UK Productivity Performance
Issam Samiri
Stephen Millard
11 Dec 2023
4 min read
UK Investment Past and Prospects: A Framework for Analysis
Catherine Mann
01 Dec 2023
6 min read
Where Are We With Regional Inequalities in the UK?
Adrian Pabst
Jagjit S. Chadha
01 Nov 2023
5 min read
Related Projects
Related News
Related Publications
The Nature of the Inflationary Surprise in Europe and the USA
21 Mar 2024
Discussion Papers
Productivity and Investment: Time to Manage the Project of Renewal
12 Mar 2024
UK Productivity Commission
Energy and Climate Policy in a DSGE Model of the United Kingdom
08 Mar 2024
Discussion Papers