Deputy First Minister John Swinney faces MPs' questions on fiscal framework

Deputy First Minister John Swinney will today face questions from MPs on the funding settlement underpinning the imminent transfer of powers to Holyrood.

The Scottish Affairs Committee is taking evidence in Perth as part of their inquiry into the fiscal framework that will accompany powers set to be devolved under the Scotland Bill.

Swinney’s appearance comes a day after the First Minister claimed there was still “some distance to travel” before the financial deal is agreed.

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Speaking on the BBC’s Andrew Marr Show, Nicola Sturgeon said the Scottish Government was “bursting a gut” to strike an agreement by the middle of next month.

A UK Government spokesman said that ministers were “absolutely committed to implementing the Smith agreement in full”.

Committee chair Pete Wishart said: “As talks on the fiscal framework continue, it will be interesting to hear from Mr Swinney about the Scottish Government’s perspective on this important matter.

“We will be seeking to get an update on the progress made so far and the likelihood that we will get a settlement in the near future.”

MPs on the House of Commons committee will also take evidence from three economic experts, including University of Glasgow principal, Professor Anton Muscatelli. 

A deal must be agreed by February 12 in order for a legislative consent motion to go before the Scottish Parliament before May’s Holyrood election.

In an interview with Holyrood earlier this month, Swinney said the talks “have not been easy” as he insisted that the Scottish Government would not sign off on a fiscal framework that is “not consistent with Smith”.

The fiscal framework will determine how much the block grant, Scotland's primary source of funding, will be affected by the revenue and spending powers that are being devolved under Scotland Bill. It will also set out the borrowing limits for the Scottish Government.