Swinney: Scottish Government’s emergency budget review delayed after ‘turmoil’

The Scottish Government’s emergency budget review has been delayed by at least a week, after what John Swinney called “economic turmoil”.

The Deputy First Minister, who is also acting as Finance Secretary, said his review of ministerial budgets would be published after October 31 – when a fiscal statement from Rishi Sunak’s new administration is expected.

Mr Swinney was due to present his emergency budget review at Holyrood this week.

The Deputy First Minister explained his reason for the delay to the emergency budget review (EBR) in a written answer to a parliamentary question.

He said: “Following the unprecedented uncertainty and instability brought about by the current UK Government in recent weeks, including a series of announcements and changes to UK economic and fiscal measures leading to economic turmoil, mortgage products being pulled, the pound crashing and the Bank of England having to take emergency action to stabilise financial markets, culminating in another change in Prime Minister, the EBR will be deferred until after the planned fiscal statement from the new UK administration currently scheduled for October 31.

“This will also allow the EBR to take account of updated independent forecasts of the UK economy from the Office for Budget Responsibility.”

The Scottish Government’s draft budget for the coming year is due to be published on December 15.