RECAP: Nicola Sturgeon sets out economic argument for independent Scotland | Jeremy Hunt reverses almost all tax measures from mini budget
The update on Scottish independence will come an hour after Jeremy Hunt reversed almost all tax measures from the mini budget that saw Kwasi Kwarteng sacked and Liz Truss threatened early on in her premiership.
The Chancellor Jeremy Hunt has announced the Government will scrap plans to reduce the basic rate of income tax from 20% to 19% in April next year, a move that had been forecast would cost the Exchequer almost £5.3 billion in 2023-24.
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Hide AdThe First Minister will publish new independence prospectus paper at a press conference at midday to launch the third paper in the Building a New Scotland series, designed to inform the debate on Scotland’s future. ‘Building a New Scotland: A stronger economy with independence’ will set out the Scottish Government’s economic proposals for an independent Scotland.
The First Minister will take questions on the paper at a press conference an hour after Jeremy Hunt has given an update on the mini budget in an attempt to quell the markets. The Treasury said Mr Hunt will issue an emergency statement at 11am on Monday to rush forward measures that had been due to be announced on October 31 in what is known as the medium-term fiscal plan.
He will then address MPs in a statement to the House Of Commons later in the afternoon.
You can follow live updates in our live blog, that will be running throughout the day.
Nicola Sturgeon to launch third independence paper outlining economic argument for leaving UK | Jeremy Hunt set to make emergency statement on mini-budget
Nicola Sturgeon has said it would not be “responsible” to set a timetable for an independent Scotland’s transition from using sterling to a new Scottish currency.
Taking questions from journalists following the launch of her independence prospectus paper, she said it would not be possible to move to the new currency on day one of independence.
She said: “If you tie yourself into a timescale you end up doing it at a time that’s not optimal.”
The First Minister had earlier said the move to the new currency would be based on a set of requirements and criteria.
Moving away from events at Bute House briefly for some breaking news
PA are reporting Labour has been granted a Commons urgent question on the economic situation after Liz Truss refused to come to the House after the sacking on Friday of Kwasi Kwarteng. It is expected to take place at 3.30pm this afternoon, delaying Chancellor Jeremy Hunt’s statement
Nicola Sturgeon concludes saying she hopes there is a general election soon as she wants this “rotten shower” of a government out of office.
And that about rounds off our live blog - it was almost a tale of two cities really, with Nicola Sturgeon laying out her government’s vision for an independent Scotland, with Jeremy Hunt also undoing much of the hated mini-budget that led to market meltdowns.
We’ll have more on our site throughout the day, but thanks for your company.