Wales Bill — Clause 19 — Report on Welsh Ministers Issuing Bonds — 6 May 2014 at 19:15
The majority of MPs voted not to require an independent report on the issuing of bonds by Welsh Ministers. Government Bonds are mechanisms via which a state borrows money.
MPs were considering the Wales Bill[1]. The amendment rejected in this vote was:
- Amendment 35, page 21, line 31, at end insert—
- ‘(6) The Secretary of State shall make arrangements for an independent report to be compiled on the issuance of bonds by Welsh Ministers.
- (7) The Secretary of State shall lay a copy of the report specified in subsection (6) before each House of Parliament within three months of this Act being passed.’.
An explanation of the intent of the amendment was provided:
- The Scotland Act 2012 enables the Secretary of State, by order and consent of HM Treasury, to change how Scottish Ministers can borrow money for capital purposes, for example, allowing the issue of bonds. Clause 19(5) of the Wales Bill contains the same provisions. This amendment seeks clarification on the power to issue bonds.
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