Scotland’s First Minister has said the UK is in the midst of a “rapidly deteriorating economic and financial crisis” as she urged the Government to act.

The Bank of England was forced to step in on Wednesday, announcing plans to buy government bonds in a bid to avoid what it called a “material risk to UK financial stability”.

Speaking to the Conveners’ Group at the Scottish Parliament, Nicola Sturgeon said it would be “normal people” who would bear the brunt of the country’s financial woes.

The intervention from the central bank comes after criticisms from across the political spectrum and an extraordinary statement from the International Monetary Fund (IMF) in relation to the Chancellor’s tax cutting plans.

Kwasi Kwarteng announced on Friday the Government would scrap the top rate of tax and cut the bottom rate to 19p in the pound – an announcement which sent the pound to its lowest level against the dollar in history.

On Tuesday night, the IMF said it was “closely monitoring” the situation and urged the Chancellor to “re-evaluate the tax measures”.

Ms Sturgeon said: “(The bank’s intervention) is really extraordinary and unprecedented and I think there needs to be very urgent and immediate action taken.

“I don’t think we should see the policies announced on Friday as inevitable now.

The UK, as we speak right now, is in the midst of an unfolding and rapidly deteriorating economic and financial crisis and it's going to be ordinary people that pay the price of that

“I think as an immediate symbol of some kind of good sense being restored, the decision to abolish the top rate of tax should be reversed.”

The First Minister went on to say it would not be possible to “overstate the damage” of the so-called mini-budget to Scottish Government aims to tackle poverty and inequality.

She added: “The UK, as we speak right now, is in the midst of an unfolding and rapidly deteriorating economic and financial crisis and it’s going to be ordinary people that pay the price of that.”

The First Minister went on to warn that the UK may not have had a financial crisis such as this “possibly even including 2008” in living memory.

Ms Sturgeon’s comments come as her deputy, John Swinney, who is in control of the Government’s finances while Finance Secretary Kate Forbes is on maternity leave, said he was “very concerned” about the IMF statement.

Both the SNP and Lib Dems have called for the Commons, which is currently on a conference recess, to be recalled.

SNP depute leader Keith Brown also said it was “astounding” the Prime Minister has not publicly addressed the crisis, adding: “It is time for her to come out of hiding and, at least, make the pretence of leading the country through this self-inflicted crisis.”