NICOLA Sturgeon gave a statement regarding the resignation of Derek Mackay ahead of First Minister's Questions today.

Speaking in the Holyrood chamber, the First Minister confirmed that Mackay had been suspended from both the SNP and the party's parliamentary group.

READ MORE: Who is Derek Mackay – the man who resigned as Finance Secretary?

Sturgeon said that she had accepted Mackay's resignation as Finance Secretary before going on to say that his conduct had fallen "seriously below" the standard required as a Minister.

READ MORE: Derek Mackay resigns as Finance Secretary over texting scandal

The leader of the SNP also formally confirmed that the Budget would still go ahead this afterneoon.