Nicola Sturgeon has unveiled plans for those earning as little as £24,000 to pay more income tax as hard-pressed Scottish households faced a fresh double assault on their finances.

Speaking shortly before the Bank of England raised interest rates for the first time in a decade, the First Minister insisted “the time is right” for income tax hikes and unveiled a Scottish Government report containing four proposals.

All the scenarios suggested increasing the 40p higher rate and 45p top rate of income tax in April next year, with three of them also backing a penny rise in the 20p basic rate and a 50p top rate. One proposal argued for the creation of three additional income tax bands, making a total of six rates.

The average impact, if introduced now, would see any Scot earning more than £24,000 paying more tax than at present. Those earning £50,000 would pay up to £260 more, while a higher earner with a £90,000 salary could face handing over an extra £810.

Ms Sturgeon said the crossover point at which workers pay more would increase to £31,000 if the UK Government goes ahead with planned increases in the personal allowance, the tax-free amount people can take home before the levy kicks in.