PROTESTERS gathered outside Holyrood as chaos engulfed the UK economy following the announcement of its reckless tax-slashing plans to demand the Scottish Government hold its nerve on its “fairer” tax system.

Festooned with printed-off placards, a small band of grassroots Yes activists gave the message to the Scottish Government – which has already indicated it is unlikely to follow the UK Government’s example – to keep taxes at their current rates.

Campaigners from Yes for EU, who said they were not affiliated with any political party, said the SNP-Greens administration should highlight the benefits brought about by the higher level of income tax in Scotland.

The Scottish Tories have called on Nicola Sturgeon’s Government to slash taxes, following the UK Chancellor’s decision to fund billions of tax cuts with borrowing, which has led to a collapse in the value of the pound and a massive spike in servicing the cost of Government debt.

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Morag Williamsons, convener of the group, said: “It is absolutely clear that this strategy by the UK Government is a huge mistake and it’s a very damaging mistake because inflation is going to rise, prices are going to go up even further, it’s really unstable now.

“The British economy is really losing its credibility – it’s had credibility for a long time, for good economic management, that’s all out the window now.

“So the Scottish Government does have, we believe, a fairer tax system. It’s quite hard to say to people, ‘We think we should pay taxes.’

“But there has always been this lack of understanding, that if you want good public services, then you have to pay your taxes, I mean it’s just really a no-brainer.”

She added: “There are plenty of people who are earning reasonable salaries, who are quite happy to pay their taxes.

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“Even the people who are in the very high tax brackets, many of them have come out and said we don’t need these tax cuts.

“[The Government] should resist any calls, there have been various calls from the Conservatives and so on, to follow the UK’s example and cut taxes.

“This is not a protest, it’s a message of support, saying – to the Scottish Government – please keep the fairer tax regime.

“And in case people object to paying taxes in Scotland, we’re reminding them of all the benefits that we get – these are all things that are better than the system in England – free prescriptions, lower council tax, the Scottish Child Payment, which are fantastic benefits.

“I think a lot of people in Scotland are not really aware of just how tremendous these benefits are compared to living in England.”

John Swinney, acting Finance Secretary, has said previously the Scottish Government would "reflect carefully" on the tax cuts plan but insisted Scotland would retain the “progressive characteristic” of the current system.

First Minister Nicola Sturgeon took a harder line on the question earlier this week, saying Kwasi Kwarteng’s plans were “morally repugnant, fiscally damaging and reckless” and said it would be “dangerous” for the Scottish Government to replicate the moves.