Scottish Government bonds programme: outline business case summary

Strategic Case

The Scottish Government is committed to working closely with business to create the conditions for investment and economic growth, including raising Scotland’s profile, engaging with investors and attracting investment. There are already several Scottish Government strategies and policies aimed at promoting or boosting public and private sector investment in Scotland. The Investor Panel’s recommendation to issue debt aligns closely to existing actions identified in these strategies as shown in Box A.

Box A – Strategic Alignment

Programme for Government

Supporting investment in education, housing, net and transport to deliver sustainable economic growth.

Scotland’s National Strategy for Economic Transformation

Addressing the need to “attract and deploy significant domestic and international private investment in Scotland”.

Green Industrial Strategy

The strategy ensures that Scotland realises the maximum possible economic benefit from the opportunities created by the global transition to net zero, which will require substantial capital investment.

Climate Change Plan

The plan sets out the policies and proposals the Scottish Government will take forward to enable our carbon budgets to be met between 2026-2040.

Scotland’s Global Capital Investment Plan

Supporting a focus on pivoting Scotland’s approach towards attracting global investment, increasing connections and improving understanding of Scotland.

Scotland’s Inward Investment Plan

Supporting efforts to promote Scotland to inward investors and realising the value of attracting new investors and opportunities.

Reflecting these ambitions, three strategic aims were set out in the December 2023 Bonds Memorandum^[4] and now underpin the work.

Strategic Aim 1: To ensure the Scottish Government can access diverse and cost-effective sources of capital funding and enhance Scotland’s fiscal sustainability;

Strategic Aim 2: To raise Scotland’s profile to financial investors; and

Strategic Aim 3: To develop Scotland’s institutions and fiscal disciplines.