At a Scrutiny hearing yesterday, Senator Alan Maclean said that revenue received on the fund, officially called the Strategic Reserve, is forecast to be enough to pay off a proposed bond to finance the new facility. He added that in 40 years’ time it is likely there will be £3.6 billion in the reserve account.
This would mean that no additional taxes would need to be raised or additional capital reserves spent, other than those already agreed, to pay for the new hospital.
At a Corporate Services Scrutiny Panel hearing, the minister said that returns on the Strategic Reserve are expected to be two per cent above inflation over the next 40 years, which would be enough to cover both capital and interest payments on the bond.
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