THE Chancellor has been told today’s Budget will be the “most important in a decade” in the wake of the coronavirus crisis outbreak and ongoing concerns over the impact of austerity and the impact of Brexit on the economy.

Ian Blackford, the SNP’s leader at Westminster, issued the warning ahead of Rishi Sunak unveiling his tax and spending plans for the year ahead this afternoon.

He went on to say the Budget would also act as a reminder why people in Scotland should “choose a different future” as an independent country in the EU.

Global stock markets tumbled on Monday, wiping around £125 billion off the value of the FTSE 100 index of leading shares as concern about the coronavirus caused panic.

And news Italy had decided to quarantine 16 million citizens in the north of the country to try to slow the rapid spread of the coronavirus heightened fears it could trigger a global recession.

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“The Budget set to be delivered by the new Chancellor will undoubtedly be the most important Budget in a decade, and it will be both a warning of what may be ahead of us and a reminder of Scotland’s need to choose a different future,” said Blackford.

“There is a real risk that the UK Government enters into a new era of presiding over further decline in living standards, workers’ rights, and public services.

“With the coronavirus crisis growing, the UK Government must take steps to introduce specific measures to protect businesses, jobs, and livelihoods.

“It must learn from the example of the Irish government, which has brought forward a targeted €3bn aid package of support and increased the personal rate of illness benefit.”

The National: Chancellor Rishi Sunak is due to deliver his first Budget this afternoonChancellor Rishi Sunak is due to deliver his first Budget this afternoon

He added: “I have also urged the Chancellor to deliver support for the tourism and hospitality sector which is facing a difficult climate with reduced customers.

“This Budget will be one of the most crucial since the financial crash in 2008, and it is vital the UK Government commits to major investment and support for businesses across different sectors.

“However, the grim reality is that the Tory Government has presided over a decade of devastating austerity that has pushed families and individuals into hardship and poverty, and driven up food bank use right across the UK.

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“While the Brexit threat continues to grow the Tories’ highest ambition is of securing a basic trade deal which, compared with EU membership, could remove £9bn from the Scottish economy.”

Blackford renewed calls for the UK Government to pay back £13.9bn in cuts made to the Scottish budget since 2010. He went on: “It’s become clear beyond any doubt that Westminster has not been acting in Scotland’s interests.

“The people of Scotland must have the choice over a better future as an equal, independent European country instead of the broken, Brexit Britain being imposed upon us.”

Blackford called for a package of measures to address key challenges facing Scotland and the UK including action to protect businesses and jobs in the wake of the coronavirus.

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He also called for the UK to commit to EU’s standards and for the UK Government to adopt the Scottish Government’s target for net-zero emissions of all greenhouse gases by 2045.

It was reported yesterday the Chancellor is preparing to boost post-Brexit exports for UK businesses by making £5bn of loans available in his Budget. The Treasury said the money would help UK exporters to increase their global sales as Britain prepares for life outside the EU.

Sunak said: “This decade will provide even more opportunities for British businesses to export and trade with new partners across the world.”