LONDON, Nov 13, 2025 (BSS/AFP) - Scotland on Thursday announced plans to 
launch its first government bonds thanks to extra borrowing powers won 
despite failing to gain independence from the UK in a 2014 referendum.

The bonds -- or 'kilts' -- would help Scotland demonstrate greater financial 
sovereignty, with proceeds used to fund capital investment in infrastructure.

They are due to launch in the 2026/27 fiscal year.

"It is the latest step in building the institutions and tools Scotland needs 
for a prosperous future where our country takes responsibility for its own 
decisions," said First Minister John Swinney of the pro-independence Scottish 
National Party (SNP).

The move comes after Scotland recieved its first credit ratings by Moody's 
and S&P Global on Wednesday, which rated it Aa3 and AA respectively, the same 
as that of the UK.

If re-elected in May, the Scottish government plans to issue o1.5 billion ($2 
billion) of bonds over the life of the next parliament.

After the 2014 referendum in which Scots narrowly voted against the country 
becoming independent from the rest of the UK, a law was passed granting 
Scotland the power to issue its own bonds to fund investments.

The issue of independence has dominated Scottish politics since the SNP came 
to power in Edinburgh's devolved parliament in 2007.

Moody's and S&P Global both cautioned that Scotland's credit rating could be 
downgraded if it took fresh steps towards independence from the UK.