Tory tax cuts for the richest have left the UK's public finances in "a very dangerous place", John Swinney has warned.
The SNP finance secretary hit out after the pound collapsed in value over the weekend after new Chancellor Kwasi Kwarteng slashed income tax for high-earners in England and Wales and reversed a rise in National Insurance contributions.
The UK Government now faces much higher costs to borrow the billions of pounds it will cost to fund its policies in the coming monhs.
The income tax cut does not apply to Scotland and Swinney insisted "no decision" had been made by the Scottish Government over whether it would follow suit.
Currently, those earning more than £150,000 in Scotland pay 46p in the pound in tax - but those south of the Border will pay just 40p from April.
"We've taken no decisions on this. We'll set out our approach to parliament first," Swinney told BBC Radio Scotland.
"We're reflecting carefully on the decisions that the UK Government has made.
"But I think it has to be clearly understood that there are some really significant and dangerous moments we are facing just now.
"We are seeing the UK public finances in a very dangerous place on the back of the tax cuts on Friday.
"Borrowing is increasing, interest rates are rising, investor confidence is declining, and the pound is collapsing in value.
"So that's what the Conservative changes on Friday have delivered for us - as well as tax cuts that are benefitting the very wealthy in our society.
"People on over £155,000 are the people that will benefit from these tax cuts and everyone below that will be worse off as a consequence."
Asked when the Scottish Government would announce any changes to the tax system, Swinney added: "We've got an emergency budget review, which we said would undertake and report to parliament in a couple of weeks.
"The tax changes that the Chancellor has set out will take effect in April of next year, in relation to income tax.
"Our budget for those measures will be set out to parliament later this year."
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