UK Grants Scotland Tax Raising Powers

Britain’s main political parties struck what they said was a historic deal to grant Scotland tax-raising powers and greater autonomy to try to satisfy disappointed separatists who lost an independence vote two months ago.

The deal, which was unveiled on Thursday but will not be implemented until after a UK-wide parliamentary election next year, amounts to the biggest transfer of powers to Scotland from the United Kingdom since 1999 when a Scots parliament was set up.

Britain’s three main political parties promised to grant Scotland more powers in a last-ditch attempt to shore up support for the union days before a referendum in September in which Scots ultimately spurned independence.

A step towards a federal Britain, they hope the deal will slake Scots’ appetite for independence with the opposition Labour party banking on boosting its flagging support in a traditional stronghold in the face of the pro-independence Scottish National Party’s surging popularity.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza