BORIS Johnson gave a speech on the UK’s post-Covid economic recovery this morning – but according to the First Minister, there is no new money coming to Scotland as part of the £5 billion package.

The Prime Minister’s spending package was touted by the media as comparable to Roosevelt’s post-depression new deal, but the £5bn investment – which is equivalent to less than a quarter of 1% of GDP – has come under fire from opposition parties for not going far enough.

Finance Secretary Kate Forbes had called for the UK Government to follow Germany’s lead and implement a package equivalent to at least 4% of GDP, or £80bn, to help the UK recover from the economic crisis caused by the pandemic. UK GDP took a 20% hit earlier this year after lockdown began – and the UK is expected to be the worst hit state of any developed country economically.

READ MORE: Nicola Sturgeon: No new money for Scotland in PM's £5bn plan

Forbes has also been calling for further borrowing powers to be devolved to Scotland to allow the Parliament to address the pandemic’s economic consequences – but she warned today these requests appear to have been “kicked into the long grass”.

Asked how she felt about Johnson’s announcement this morning, Nicola Sturgeon said she was “extremely underwhelmed” by it.

Nicola Sturgeon said it was her understanding that no new money would come to Scotland as a result of the stimulus package.

“This is not new money,” she told viewers. “This is simply shuffling around money that was in the system.”

"I don't think that's commensurate with the scale of the challenge we face", Sturgeon added.

According to the Daily Record when the Prime Minister’s official spokesman was asked about the level of cash set to come to Scotland through the proposals last night, he “simply laughed”.

Downing Street has given no specifics on how the £5bn investment package will benefit the devolved nations, but has repeated that £5.4bn has already been sent to Scotland and other nations through the Barnett Formula this year.

In a statement Number 10 said they would “encourage” the other nations “to accelerate infrastructure projects in the same way that the UK Government is doing”.