THE Scottish Government decision to issue bonds is to be welcomed, but the rationale for the bond programme gives rise to serious concerns. Karen Adam’s column on Tuesday (Bonds show confidence in Scotland’s ability to make own decisions) was blind to them.

Three motivations are apparent in the report (“Scottish Government Bonds Programme – Summary Outline Business Case”).

One is to promote interest from overseas investors in investing in Scotland. The second is to establish credibility with financial markets and to maintain high credit ratings in the lead-up to independence. Thirdly, the issuing of bonds is seen as a means to “strengthen fiscal discipline”.

None of these make sense unless the Scottish Government is determined to carry on delivering austerity and remaining subject to

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