Geoffrey Clifton-Brown
Main Page: Geoffrey Clifton-Brown (Conservative - North Cotswolds)Department Debates - View all Geoffrey Clifton-Brown's debates with the Scotland Office
(9 years, 6 months ago)
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Geoffrey Clifton-Brown (The Cotswolds) (Con)
The hon. Gentleman said that he will increase the deficit to spend to invest—where have I heard that phrase before?—but while Scotland is a member of the sterling area, would he expect the Bank of England to guarantee whatever sterling debt his party incurs?
Stewart Hosie
First things first: the central bank does not guarantee debt. It sets the base rate, but the gilts are issued by the UK Government. It would be UK debt, which is precisely why we need an agreed fiscal framework within which we operate. I would have thought that that is just common sense.