Abracadabra!

And thus, as if by magic, Fat Eck and his little chums will have the power to raise capital by issuing bonds.

But will they have the courage? Over the past four years, the SNP administration could in theory (if they had not let the mechanism dissipate) have adjusted tax rates by up to 3 pence in the £. No, they did nothing.

The same administration intended to introduce a local income tax, before it all became too complicated for them and they subsided into a council tax lethargy.

You may suspect that they are demanding extra powers in the hope that Westminster would say no. Now that the wicked witch Osborne has granted at least part of their wish, let us see what happens. But don't hold your breath ...