Image source, Scottish Parliament

Any content of a tax discussion paper will have to wait until after the UK government's autumn statement, says Mr Swinney.

In his experience, he says, there has never been a time of greater pressure on the public finances.

Inflation means the annual budget is worth £1.7bn less than when it was published last December, he says.

"I must balance the books, but I'm committed to doing so in a way that prioritises funding to help families, to back business, to provide fair pay awards and to protect the delivery of public services."

Mr Swinney says he has concluded the Scottish government could wait no longer to announce its plans.

Mr Swinney explains Scotland's funding will be reduced by £230m from what had been expected.

He says this represents a swing of nearly £900m in the space of less than a month.

The deputy first minister says "calamity is giving way to austerity," under the new PM.

Deep spending cuts are expected, he says.

The autumn fiscal statement is now due on the 17 November.

Image source, Scottish Parliament

"The inactivity of the UK government gave way to calamity," continues Mr Swinney, as he lambasts the so-called mini-budget.

He says: "So disastrous was the package of unfunded and uncosted tax cuts for the rich that not only did the mini-budget not survive the month but neither did its architects the chancellor and the prime minister."

Mr Swinney warns public services are facing legitimate pay offers for their staff.

The deputy first minister says the Scottish government's ability to respond has been limited by the inactivity of the UK government and the financial constraints of devolution.

The Scottish government budget is largely fixed and there is no ability to increase borrowing levels, he explains.

He also says he can't change income tax levels during the financial year.

What to listen out forpublished at 14:53 Greenwich Mean Time 2 November 2022

14:53 GMT 2 November 2022

Glenn Campbell
BBC Scotland Political Editor

Here are three things to listen for in John Swinney’s emergency budget review statement.

1. Cuts. When he announced £500m of budget savings in September, he made clear there would need to be more. I expectt a further round of cuts to this year’s spending plans on a similar scale.
2. Extra help for individuals and businesses struggling with the cost of living. Some money should be re-prioritised for this, as that was the original purpose of the review.
3. A formal response to the UK government’s mini-budget, much of which has been unwound. The Scottish government has yet to say what it intends to do with extra cash it will receive as a result of the cut to stamp duty in England and Northern Ireland.

Scottish ministers hope today’s statement will be the final word on changes to this year’s Scottish budget unless there are further surprises in the Chancellor’s autumn statement later this month.

It is, however, clear that there’s going to be a lot less public money to spend over the next few years and that means more tough choices in the Scottish budget 2023/24.

John Swinney is on his feet and he begins his emergency budget review statement.

The deputy first minister is standing in for Kate Forbes who is on maternity leave.

Mr Swinney tells the chamber: "Scotland is facing a cost of living crisis. A combination of the impacts of Brexit, the aftermath of the pandemic and the energy crisis fuelled by Russia's illegal invasion of Ukraine, have sent prices spiralling."

Image source, Getty Images

John Swinney is standing in for Kate Forbes as the Scottish finance secretary is on maternity leave.

The former SNP leader is Scotland's longest-serving deputy first minister, as well as one of Nicola Sturgeon's most trusted allies.

So how has his political journey brought him full circle back to the finance brief?

Our political correspondent Philip Sim has all the answers.

Strap yourselves in....published at 14:45 Greenwich Mean Time 2 November 2022

14:45 GMT 2 November 2022

Philip Sim
BBC Scotland political correspondent

As well as being an update to the Scottish government’s plans, this will be John Swinney’s first formal opportunity to respond to the fiscal rollercoaster the UK government has been on.

His last budget update in September was several prime ministers and chancellors ago. Kwasi Kwarteng’s mini budget feels a bit like a historical curio at this point, having mostly been scrapped.

But there are still some knock-on effects, like the cut to stamp duty which will provide an extra £170m for Holyrood’s coffers in “Barnett consequentials” over the next three years.

And Mr Swinney’s spending power is directly linked to developments in Downing Street, and how they affect the block grant. He fears big cuts in Whitehall will have a negative effect on Holyrood’s coffers.

Certainty on that is some time off yet, with Chancellor Jeremy Hunt now not setting out his autumn statement until 17 November.

Mr Swinney’s own budget for 2023-24 will follow on 15 December. That’s his big fiscal event, where he can tinker with tax rates as well as spending.

So people would be well advised to strap in – there are a few more ups and downs on that rollercoaster still to come.

Scotland's finance secretary is expected to announce details of hundreds of millions of pounds worth of budget cuts in a statement to MSPs.

John Swinney has already trimmed £500m from his spending plans for this year.

Mr Swinney is expected to reveal details of further cuts on a similar scale on Wednesday afternoon.

He has said he needs to make savings to offset the impact of soaring inflation, higher than expected public sector pay deals and help for Ukrainian refugees.

Read more here.

This could be more painful second time aroundpublished at 14:21 Greenwich Mean Time 2 November 2022

14:21 GMT 2 November 2022

Philip Sim
BBC Scotland political correspondent

This is the second round of savings announced this autumn by John Swinney – and it may well be more painful than the first.

A few big-ticket cuts aside, a lot of the changes announced in September were the result of shuffling money around.

For example the government was able to trim £37.6m from the budget for concessionary travel, because fewer people than expected had applied for free bus passes. Unless there’s an unexpected spike in applications, that’s a cut that can be made without the public actually noticing a difference.

There were also several areas where spending could be shunted from the resource page of the budget (which deals with day to day spending) onto the capital side (which generally deals with big investments).

But there are only so many of these fiscal conjuring tricks you can play before you have to start making really difficult choices.

Much of the fat has been trimmed already – so the next round of cuts might well go to the bone.

In the first emergency budget review on 7 September, Deputy First Minister John Swinney said that £500m in cuts had been identified in order to ease the pressure.

He said a lack of borrowing and an inability to vary income tax rates outside the normal budgetary timetable had left him with "no other choice".

In September, he told MSPs that inflation had reduced the Scottish budget by £1.7bn since it was announced the previous year.

He said public sector pay deals had cost up to £700m, while another £200m had been spent helping to take in refugees from the war in Ukraine.

Mr Swinney set out reductions to planned spending and forecasts, which included:

• £53m in the budget for employability schemes
• utilising funding of £56m generated by the ScotWind clearing process
• £33m of ring-fend agricultural funds
• a reduction of £37m in the budget for concessionary fares

Read more here.

The review was established in the summer to "assess any and all opportunities to redirect additional resources to those most in need, reduce the burdens on business and stimulate the Scottish economy".

Mr Swinney's review statement was initially expected within a fortnight of the UK government's infamous mini-budget, which was announced on 23 September by then-Chancellor Kwasi Kwarteng.

Amid the resulting fallout at Westminster, which saw most of the plans reversed and both Mr Kwarteng and Prime Minister Liz Truss lose their jobs, the Holyrood update was delayed in anticipation of a UK government autumn statement scheduled for 31 October.

That was then pushed back to 17 November but the Scottish government decided it could not wait until then to announce its changes.

The Scottish government will announce its budget for next year on 15 December, which will include any changes it intends to make to income tax rates and bands.

Image source, PA Media

Good afternoon and welcome to our live coverage of the statement on the emergency budget review.

John Swinney, who is standing in for Kate Forbes, will deliver the statement from 2.50pm.

This is the second emergency budget review in a couple of months, after the UK chancellor announced a "full Autumn Statement" would now be delivered on 17 November.