Scotland's first minister says the economic situation could be worse than the 2008 global financial crisis.
The pound slumped in value by 1.6% against the dollar to $1.05 on Wednesday morning, while lenders withdrew about a quarter of mortgage products overnight as they grappled with the prospect of further rises in interest rates.
Ms Sturgeon told a committee of senior MSPs at Holyrood that the Bank of England's intervention was "extraordinary" and showed that the UK was in the "grip of a rapidly deteriorating economic crisis". The first minister called for immediate action to be taken, and for MPs to return early to the Parliament from recess.
Mr Kwarteng announced in last week's mini-budget that the basic rate of income tax will be cut from 20% to 19% from April of next year.
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