The Equivalent

For other uses, see Equivalence (disambiguation).

Equivalent Act 1713
Act of Parliament
coat of arms
Parliament of Great Britain
Long titleAn Act to discharge and acquit the Commissioners of Equivalent, for the Sum of Three Hundred Eighty-one Thousand Five Hundred and Nine Pounds, Fifteen Shillings, Ten Pence Half-penny, by them duly issued, out of the Sum of Three Hundred Ninety-eight Thousand Eighty-five Pounds, Ten Shillings, which they received.
Citation
Territorial extent Great Britain
Dates
Royal assent9 July 1714
Commencement16 February 1714[c]
Repealed15 July 1867
Other legislation
Repealed byStatute Law Revision Act 1867
Relates to
Status: Repealed
Text of statute as originally enacted

The Equivalent was a sum negotiated at £398,085 10s. 0d. (equivalent to £82,651,661 in 2025) paid to Scotland by the English Government under the terms of the Acts of Union 1707. Proposals for it first emerged in the course of abortive Union negotiations in 1702 to 1703.

The Equivalent's purposes were ostensibly to take account of the contribution that Scots taxpayers would then make towards servicing the English national debt and as transitional mitigation of the effects of higher taxes on the Scottish economy. Though attempts have been made to see it as a precise calculation, it is now generally regarded as part of a political bargain designed for other purposes as well, such as the costs of winding up the Company of Scotland which had undertaken the Darien scheme. Shareholders in and creditors of the company were to receive 58.6% of The Equivalent.[1] It was also suggested that payments found their way to members of the Scottish Parliament who voted for its abolition.[2]

The fund was ultimately overseen in 1728 by Patrick Campbell, Lord Monzie, a Scottish judge.[3]

Notes

  1. ^ This is the citation in The Statutes of the Realm.
  2. ^ This is the citation in The Statutes at Large.
  3. ^ Start of session.

References

  1. ^ Watt, Douglas. The Price of Scotland: Darien, Union and the wealth of nations, Luath Press 2007.
  2. ^ Crofton, Ian. A Dictionary of Scottish Phrase and Fable, Birlinn, 2012, p. 161.
  3. ^ "The Campbell of Monzie Papers".

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