Scottish independence: Scotland votes no, but the union is changed forever

Scotland has rejected independence, with 55% of voters choosing to keep the United Kingdom together in a referendum with a turnout in excess of 80%.

Scotland now awaits more details on the substantial devolution powers that were promised by all three main Westminster parties in the days leading up to the referendum.

Shortly after the results were decided, Scotland’s First Minister Alex Salmond conceded defeat and described the record turnouts as a “triumph for the democratic process”. He went on to call on Scots to work together as “one nation” and hold the unionist parties to account and to deliver the extra powers they promised.

In the wake of the results, Prime Minister David Cameron said that he would fulfil his promise of devolving more powers to Scotland and said that Lord Smith of Kelvin would oversee the process this process. He went on to promise further devolved powers to Wales and promised a resolution to the West Lothian question.

Elsewhere, the pound hit a two-year high against the euro and a two-week high against the US dollar, as it became clear that Scotland had voted against independence.