RECAP: Nicola Sturgeon sets out economic argument for independent Scotland | Jeremy Hunt reverses almost all tax measures from mini budget
Nicola Sturgeon is set to publish a paper outlining the economic argument for leaving the UK.
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.
The 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.