The Scotsman cartoon: Holyrood tax powers

Illustration: Iain Green
Illustration: Iain Green
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CHANCELLOR George Osborne told MPs that new powers handed over to Holyrood could create tax competition in the UK.

Mr Osborne said the basic principles of granting extra powers were that there should be “no fiscal gain or fiscal loss to either Scotland or the rest of the UK on further devolution” and “you have to live with the consequences of your decisions once that devolution has taken place”.

Giving evidence to the Treasury select committee on the new fiscal powers, which are part of the recommendations agreed by the commission chaired by Lord Smith of Kelvin, Mr Osborne said that the prospect of the Scottish Parliament being able to take responsibility for raising much of the money it spends is “exciting”.

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