... and now debt-ridden Scotland set to borrow £458m next year!

THE SNP is plunging Scotland further into debt – by borrowing a record sum to keep the country afloat.

Hidden in the small print of last week’s Budget is the alarming revelation that Shona Robison is to borrow £458 million during the next financial year.

The extra borrowing means Scotland’s debt will rise to an unprecedented £2.7 billion.

As a result of the Finance Secretary’s decision, hardpressed taxpayers will have to fork out a total of £141 million in 2024/25 to fund loan repayments and interest.

Details of her Budget show that the Scottish Government intends to virtually ‘max out’ the nation’s credit facility to pay for capital projects.

This follows a recent warning from public spending watchdog Audit Scotland that Holyrood has insufficient cash for capital projects.

Last night, critics said managing finances responsibly would be better than forcing Scotland into the red and taking on ‘astronomical’ debt.

Scottish Tory finance spokesman Liz Smith said: ‘The SNP Government has given us a triple whammy of higher taxes, savage cuts and huge borrowing.

‘While adding to the debt pile will cost Scottish taxpayers for years, the money is simply disappearing into the black hole in our finances that they created.’

Under the Fiscal Framework Agreement with the UK Government, Scotland can borrow up to £3 billion to fund capital investment – though no more than £450 million in a single year.

So far, nearly £2.4 billion has been drawn down since 2017/18, using cheap loans from the Treasury, underwritten by the Scotland Office. However, new rules mean the limits will increase in line with inflation.

Future borrowing is expected to take Scotland’s national debt even higher. And First Minister Humza Yousaf has already signalled that his Government will look to raise funds on the bond markets – which could see the costs rise still further.

John O’Connell, chief executive of the TaxPayers’ Alliance, said: ‘Scotland’s debt pile is set to reach astronomical heights thanks to today’s politicians racking up bills for future generations.’

Yesterday, a Scottish Government spokesman said: ‘Our borrowing policies are always guided by the fiscal sustainability of borrowing repayments and debt levels set within the fiscal framework limits.’