Draft Budget Day

Finance Secretary John Swinney will unveil his spending plans for 2015-16 at Holyrood this afternoon.

The plan will be the first to include details of new taxation and borrowing powers transferred from Westminster through the Scotland Act 2012.

John Swinney is expected to propose rates for land and buildings transaction tax, as well as Scottish landfill tax:

Ahead of his statement in which Mr Swinney will indicate that Scotland is in a new phase of economic and political debate he said:

"We have seen a strengthening of Scotland's economic performance over the last two years and currently have record levels of employment.

"However, major challenges in the economy still remain, compounded by the fact the public finances are under such pressure by the UK austerity programme.

"This budget follows unprecedented levels of political engagement not only on Scotland's constitutional future but the wider priorities of the people of Scotland.

"What will lie at the heart of the budget will be a determination to make Scotland a prosperous and fairer country where the benefits of economic growth are not only maintained but are shared by everyone.

"Many of these aspirations will be taken forward within the budget and also within the setting of tax rates. The Land and Buildings Transaction Tax is the first tax created by the Scottish Parliament since before the 1707 union.

"The budget is a major landmark in taking forward the Government's programme and is also a historic opportunity to set new tax rates for Scotland."

Mr Swinney's budget will also focus on creating jobs, boosting housing and providing more apprenticeships.

The Scottish Government says the ambitious spending plan comes despite Holyrood's budget being cut by almost 11% in real terms since 2010.

Here's Mid Scotland and Fife Labour MSP Claire Baker:

Scottish Labour's Shadow Cabinet Secretary for Finance, Iain Gray MSP said:
 
"The budget statement will be the first using the new devolved taxes from the Calman process, a process that was opposed by John Swinney and the SNP until the very last moment. Nevertheless, this now gives the opportunity for the Scottish Government to introduce a more graduated replacement for the stamp duty, a move we would welcome.  
 
"At the weekend Mr Swinney claimed this as a new progressive taxation, but this is a just a little desperate. In his seven years as Finance Secretary John Swinney has never taken a single progressive, redistributive measure.
 
"His flagship policy has been an underfunded council tax freeze benefiting the better off and leaving council service users paying higher charges. He has funded Universities with swingeing cuts to college budgets and last year he promised to fully mitigate the impact of the bedroom tax in Scotland yet still has not put the agreed mechanism in place.  
 
"If this is a progressive budget from Mr Swinney, that will be a first.  As ever the devil will be in the detail and under the SNP we have seen the detail is often lacking."