Four days before the 18 September poll, former Labour PM Gordon Brown made a series of promises to the Scottish electorate which he said were supported by the leaders of the three main UK parties – Conservative, Labour and Liberal Democrat. These included devolution of more tax powers to Scotland, as well as a greater say over spending and welfare policies.

When the result was confirmed, Cameron made it clear that these promises would still be kept. He said: ‘The three political parties made a clear commitment on future powers and we will endeavour to honour these in full.

He stressed the importance of a ‘balanced settlement for Scotland that is fair for the rest of the UK’.

A devolution committee, spearheaded by the Cabinet Office, will take the proposals forward. It will be led by Lord Smith of Kelvin, who has worked for the Financial Services Authority and is a member of the Financial Reporting Council (FRC). He is also an accountant and member of ICAS, as well as being a past president of the Scottish accountancy body.