CHANCELLOR Rachel Reeves’s economic plans have been overtaken by events with “bold and decisive action” needed to protect Scottish industry, according the the SNP’s Deputy First Minister.

Kate Forbes demanded an “immediate U-turn on the National Insurance (NI) hike” and closer ties with the EU in a bid to overturn the referendum result. 

First Minister John Swinney also said many businesses are being hit with a “double whammy” of new tariffs imposed by US President Donald Trump alongside higher costs through increased NI.

Ms Forbes said: “It is time for the Chancellor to accept that her Budget has been overtaken by recent events.

“The UK government needs to commit to the closest possible working and trading relationship with the EU, and ultimately to reverse Brexit.”

She also called for intervention on energy prices, which had “spiralled over the course of the last few years, despite Scotland being an energy-rich nation.”

“Reducing those costs will help businesses and households weather these economic storms,” Ms Forbes said.

The UK government was contacted for comment.