During 1706, the Treaty was agreed between Scotland and England, in negotiations in London.
England had been careful to give promises to Scots negotiators that Scotland would not lose out from union.
Councillors in Scottish Royal Burghs had sent a series of petitions to the Scottish Parliament during the debates, voicing concern about the Treaty. In response, English-approved changes to the Treaty guaranteed future burgh rights, and importantly, Scottish legal traditions.
Scots MPs feared higher taxation, but these fears were eased by English promises of guaranteed trade with English colonies, which would balance the effect of higher taxes.
The English Government also gave guarantees over salt, malt and wool, stating that Scotland’s trade in these goods would not be affected.
Most significant was the guarantee of payment to various Scots of The Equivalent, a sum of £398,085.10.
This was equal to the cost of the Darien Scheme and was proposed as compensation for taking on English debt after union. This was a major attraction for those who had lost money in the Company of Scotland and who suddenly viewed union as beneficial for them personally.
The Treaty of Union was passed by the Scottish Parliament in early 1707.