Egypt begin work on second Suez Canal which will run alongside the original 145-year-old waterway in five years' time Daily Mail

  The new 45-mile section would run alongside the existing Suez Canal

  Project could be complete in five years at a cost of more than £2.4billion 

  101-mile-long Suez is the fastest shipping link between Europe and Asia 

  New waterway will allow ships to travel in both directions for half that length

  Egyptian authorities believe it will boost annual revenues to $13.5billion  

Egypt is planning to build a new Suez canal alongside the existing 145-year-old waterway in a multi-billion pound bid to boost its economy.

The 45-mile corridor will expand what is the fastest shipping route between Europe and Asia and is part of several 'mega projects' designed to breathe new life into the nation.

Warplanes flew overhead in a ceremony broadcast on state television from the canal city of Ismailia as Egypt's president Abdel-Fatteh el-Sisi officially launched the military-led scheme, set to cost £2.4bn.

He said that digging of the new canal will allow ships to travel in both directions for just under half of the canal's 101-mile length. And although the initial time frame for completion was five years, el-Sisi estimated it could be finished in just 12 months.

Egypt is the gatekeeper of the Suez Canal, one of the world's busiest water corridors and the strategic link between the Red Sea and the Mediterranean.

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Scotland 'likely to be worse off after independence' Daily Telegraph

Economic think tank Fiscal Affairs Scotland draws the conclusion after analysing oil and debt figures produced by both the UK and Scottish Governments.

Scotland is far likelier to be worse off as a separate country, according to an impartial analysis published today as the man who hired Fred Goodwin at RBS accused Westminster of scaremongering over the country’s banks.

Fiscal Affairs Scotland said the wide range of estimates for oil revenue and national debt provided by the UK and Scottish Governments made it impossible to predict exactly what would happen following a Yes vote.

But the economic think tank said that for Scotland to be wealthier, it would have to strike a deal with Westminster to repay only half of its population share of the UK’s national debt while receiving almost twice the predicted income from the North Sea.

If Scotland inherited its full population share of the UK’s national debt, as expected, then oil revenues would have to meet the First Minister’s most optimistic possible forecast if it was not to be poorer.

The analysis was conducted in the wake of the Treasury’s claim the Union is worth £1,400 annually for every Scot, while Mr Salmond claimed independence could be worth £1,000 per person after 15 years.

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Further Reading:

Alex Salmond's borrowing plans 'prove currency union won't happen'

“Fiscal Affairs Scotland’s independent analysis demonstrates again that the Scottish Government’s fantasy figures do not stand up to scrutiny. A separate Scotland means higher taxes and less money to spend on vital public services.”

Independent Scotland's debt 'would force spending cuts or tax rises'

Scots to to set their own income tax if they reject independence, under deal between Cameron, Clegg and Miliband. Daily Mail

  Joint declaration promises more financial powers if independence is blocked

  David Cameron, Ed Miliband and Nick Clegg have backed the deal

  Comes on the day of a TV debate between Alex Salmond and Alistair Darling

  Scotland currently raises 15 per cent of its £30billion budget

David Cameron, Ed Miliband and Nick Clegg have signed a joint declaration that promises more financial powers for Scotland if it rejects independence.

The move by the leaders of the three main parties is an attempt to rubbish claims by Alex Salmond that Westminster will not deliver more devolution if Scots vote ‘no’.

It comes ahead of tonight's TV debate between Scottish First Minister Mr Salmond and Alistair Darling, the former Labour Chancellor who fronts the pro-union Better Together campaign.

There are just over six weeks to go until voters in Scotland decide whether to remain in the UK or become an independent nation in the September 18 referendum.

Polls have so far failed to show a majority in favour of independence, but both campaigns are hoping to receive a boost as a result of tonight’s TV debate. The six leaders’ declaration states: ‘We support a strong Scottish Parliament in a strong United Kingdom.

‘We now pledge to strengthen further the powers of the Scottish Parliament, in particular in the areas of fiscal responsibility and social security.’

Currently, control over council tax and business rates means the Scottish Government raises about 15 per cent of its £30billion budget, with the majority of public spending funded by a block grant from the UK Treasury.

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Scottish Independence, a Vehicle for Alex Salmond's Grandiose Ego ?