Page last updated at 17:16 GMT, Monday, 20 December 2010

Scotland Bill Committee

Watch live coverage of the Scotland Bill Committee as it takes evidence from the Finance Secretary John Swinney and the Culture and External Affairs Fiona Hyslop at 1.30pm on 21 December 2010.

Scottish Secretary Michael Moore told MSPs on the committee he did not believe Scotland would lose £8bn by implementing the new powers in the Scotland Bill.

Conservative MSP David McLetchie asked whether the new tax raising mechanism would result in that size of loss to the Scottish economy, as the SNP Government had suggested.

Mr Moore said the Scotland Office were currently scrutinising the figures but he did not believe they were "accurate" and he said they did not reflect other Scottish taxes that would be included in the new model.

The Scotland Bill contains powers which the Secretary of State for Scotland has described as "the largest transfer of fiscal powers since the creation of the UK."

It is a UK Government bill outlining new powers for the Scottish Parliament.

Chief among them is one which would allow Holyrood to raise or lower income tax by 10p in return for a lower block grant from Westminster.

The parliament would also be able to borrow up to £500m pounds over 4 years.

The legislation will also give MSPs the ability to control drink driving and speed limits.

Scotland Bill Committee membership

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