Scotland plans first bond issuance to fund affordable housing

The administration has had the ability to go to the capital markets directly since 2015 after it was granted extra devolved powers by Westminster in the wake of the SNP’s defeat in the independence referendum. 

Mr Yousaf told delegates that raising finance this way will “bring Scotland to the attention of investors across the world”.

“And it will raise our profile as a place where investment returns can be made,” he added.

Scotland’s first minister also suggested that it would help with its push for independence. “We will also demonstrate the credibility to international markets that we will need when we become an independent country,” he said. 

He did not announce how much the devolved administration intended to raise through selling bonds.

Mr Yousaf has been Scotland’s first minister since he was elected to replace Nicola Sturgeon in March. 

During campaigning for the leadership, he said he planned to give councils the ability to buy back empty properties, partly to help key workers in rural areas.

Mr Yousaf also said he would “commit to building more affordable housing right across the country”. The SNP has a target of 110,000 new affordable homes by 2032.