THE prospect of a second independence referendum appears to have moved closer after Nicola Sturgeon claimed Brexit and its financial hit on Scotland meant the economic argument for the Union as a safe haven was now “bust”.

The First Minister made her assertion on the back of the Scottish Government’s own analysis that leaving the European Union would cost the Scottish economy up to £11.2 billion a year and on the eve of today’s expected publication of the latest Government Expenditure and Revenue Scotland figures, set to show a large deficit as the Scottish economy struggles with continuing low oil prices.

Ms Sturgeon’s political opponents have accused her administration of grandstanding over Brexit to deflect attention from the poor revenue figures.

Read more: No economic safety left in the Union after Brexit, claims Sturgeon

Ruth Davidson, the Scottish Conservative leader, denounced the SNP Government for preparing yet another "constitutional war with Westminster" to deflect attention from the "underlying fragility" of Scotland's economy and claimed the GERS numbers had been brought forward from the usual March publication date to avoid bad news ahead of the May council elections.

Kezia Dugdale, the Scottish Labour leader, said serious questions needed to be asked about why the Scottish Government analysis had not been produced well in advance of polling day.

"The publication of GERS figures will make clear the benefit that Scotland gets from the pooling and sharing of resources across the UK. It is completely and utterly misleading to suggest otherwise," she insisted.

Read more: No economic safety left in the Union after Brexit, claims Sturgeon

However, at a press conference in Edinburgh to unveil the analysis, Ms Sturgeon sought to emphasis the new economic reality following the Brexit vote and said: “If it turns out simply not to be possible to protect Scotland's interest through the UK, it must be open to the Scottish people to consider afresh - and in this very different context - the question of independence.”

She added: “I don't know anybody, apart from folk like Boris Johnson, who has seriously said Brexit is not going to have a seriously bad impact on our economy; it's not a question of if, it's a question of how much…Those who have previously argued the UK somehow gives financial security and certainty to Scotland, that argument is bust, frankly.”

Her remarks came as some positive economic news in the wake of the Brexit vote was published with UK manufacturers, since the vote in June, seeing export orders reach a two-year high thanks to the plunge in the value of the pound following the decision to leave the EU.

Data from HM Revenue and Customs showed the UK housing market proved resilient in the first month after the Brexit vote, slipping by just 0.9 per cent, despite a marked 7.5 per cent slowdown for commercial property.

Read more: No economic safety left in the Union after Brexit, claims Sturgeon

Meantime, Mecca Bingo operator Rank Group said Britain's Brexit decision would have "little or no direct impact" on its performance; trading in the seven weeks to the middle of August had "been positive and is in line with management's expectations".

Elsewhere, housebuilder Persimmon reported a surge in profits, saying demand had held up following the Brexit vote with pre-tax profits rising 29 per cent to £352.3 million for the first half of the year.