UK stands on ‘cusp of an economic crisis’, says Scottish finance chief

Scottish Finance Secretary Derek Mackay has demanded an update on Brexit planning after the pound plummeted following the announcement of the Parliament prorogue.

The pound fell nearly 1% against the US dollar and euro after Prime Minister Boris Johnson asked the Queen to suspend parliament shortly after MPs return in September.

Mr Mackay said it was vital the UK Government provides Holyrood with the support needed, in an “open and honest way”.

He said: “With just weeks to go until we are due to leave the EU, we remain deeply concerned about the impact of a no-deal Brexit and the severe impact it threatens to have on our economy and jobs, as well as the loss of vital EU funding to Scotland.

“The actions of the UK Government in attempting to shut down Parliament to force through a no-deal outcome means the UK stands on the cusp of an economic crisis. I will be making absolutely clear to the chief secretary that the UK Government must stop pursuing a no-deal Brexit.”

“As a responsible government we are continuing to do all we can to stop a no-deal Brexit.

“With a no-deal scenario looking increasingly more likely, it is essential the UK Government sets out openly and honestly what the economic consequences will be to enable the Scottish Government to prepare for the additional pressures we may face.”

“It’s vital that the UK Government sets out what support they intend to make available for companies who may struggle to survive in a no-deal situation.

“The Scottish Government’s analysis shows 100,000 jobs could be at risk.

“If the UK Government is determined to take us out of the EU and cause this economic harm, then it must set out what it will do to mediate these impacts.”

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We are continuing to do all we can to stop a no-deal Brexit. DEREK MACKAY