Scotland's large economic deficit would not disqualify the country from European Union membership, according to finance secretary Derek Mackay.

He confirmed the Scottish Government is considering a second independence referendum to keep Scotland in the EU, claiming the 9.5% deficit is proof "UK economic policy isn't working for Scotland".

Scottish Government figures for 2015/16 showed a £14.8bn deficit, up from £14.3bn in 2014/15, compared with the overall UK deficit of £75.3bn, or 4% of GDP.

The EU stability and growth pact urges member states to keep budget deficits below 3% of its GDP.

Mackay told BBC Radio Scotland's Good Morning Scotland programme the UK was running a deficit of more than 10% after the financial crisis "and no one asked the UK to leave" the EU.

He said: "The UK is a member state. It was above that level of deficit in 2009/10 and no one asked the UK to leave.

"Take financial year 2009/10. Coming out the financial crisis, the UK deficit in terms of relative to GDP was over 10%.

"No one suggested the UK was bankrupt then and would have to exit the EU."

He confirmed "independence is one of the options that we are considering to secure Scotland's place" in the EU.

It remains unclear if Scotland will be allowed to continue as a member state or leave alongside the rest of the UK and have to reapply for membership.

Mackay said the deficit shows "UK economic policy isn't working for Scotland".

Scotland usually generates more revenue per person than the UK as a whole and is only behind London and the south east in revenue per head, he added.

"If we were independent, we would be able to make different choices and pull different economic levers to accelerate growth," he said.

"Look at spending in terms of the UK Government. We wouldn't support Trident. One of the most recent estimates I've seen is as high as £180bn."

Mackay added: "What other things can the Scottish Government do to grow our economy? The UK Government has a part to play in this as well.

"The Scottish Government put in place a £100m economic stimulus to support the economy, and that was new investment."

Scottish Labour disputed Mackay's "new investment" claim, saying the £100m figure had already been announced from a previous Scottish Government underspend and was therefore not new.

The party's economy spokeswoman, Jackie Baillie, said: "Derek Mackay needs to get his story straight, and fast.

"The £100m Nicola Sturgeon announced was from a previous SNP government underspend, it's not new money - someone should have told the Finance Secretary.

"It's embarrassing that the man in charge of the accounts doesn't know where the money is coming from.

"The GERS figures show the real benefits that Scotland gets from pooling and sharing of resources across the UK, with more money to spend on our schools and hospitals.

"It is becoming increasingly clear that the promises the SNP made in 2014 were completely misleading but, rather than admit it, SNP ministers continue to spin utter fantasy to the Scottish people."

The Scottish Conservatives echoed Baillie's comments, claiming the Scottish Government is "in denial" about the deficit.

Murdo Fraser, the Tories' finance spokesman, said: "We were told the SNP was going to start being honest about the damage independence would cause to Scotland.

"Instead, Derek Mackay showed this morning that the plan is still to shut their eyes as tight as possible in the hope everyone else does too.

"If ever an independent Scotland did seek EU membership, it would need to convince other EU nations that it had a plan to bear down on the huge deficit we're running.

"The last thing the EU would want is to take on the risk of another bailout."

He accused the SNP of being "in denial about the consequences of Scotland's £15bn deficit".