Scottish Secretary David Mundell will seek to reassure the beleaguered North Sea oil sector and other key Scottish industries over the impact of Brexit.

The price of oil plummeted in the immediate aftermath of the shock referendum result.

The fall came on top of a global slump in the oil price which has already seen the North Sea suffer its worst year in history.

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The SNP accused Mr Mundell of being on the outside ‘looking in’ at the new Conservative Government last week after it emerged that he was not a member of Prime Minister Theresa May’s new economic task force.

Just days later the Bank of England announced an emergency cut in the base interest rate designed to prevent the UK entering recession in the wake of the Brexit vote.

The Bank also warned that unemployment will rise and wages fall over the next two years as the economy struggles to deal with the fallout from the result.

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Mr Mundell will tell business leaders north of the Border that the UK will remain “open for business” despite the outcome of the referendum.

Scotland’s sole Tory MP has said that a ‘Team UK’ approach is needed for the Brexit negotiations.

Mr Mundell, who backed the campaign to keep the UK in the European Union, said: “While the UK is leaving the EU, we will of course remain part of Europe. The United Kingdom will always be an outward-looking, globally-minded country, which is very much open for business. Our economic position is a strong one, with employment high and the deficit down by nearly two-thirds. That is a strong basis from which to move forward as we forge a new role for ourselves in the world. ”

Labour called on the UK and Scottish Governments to work together to ensure the best outcome for Scots.

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A Labour spokesman said: “People across Scotland voted in overwhelming numbers to maintain our relationships with the EU and the UK. The focus and energy of both of Scotland’s governments should be on respecting both mandates of the people of Scotland.”