The SNP says the draft text is a "missed opportunity" for the UK in terms of serious reform but it will still be campaigning to remain in the EU. Stephen Gethins, the party's Europe spokesman, says: "I'm not sure there is much in there."

Giving his first reaction, David Cameron has said the draft text delivers "substantial change" in the UK's relationship with the EU. He says there are "important things" still to be worked on, with "more detail to be nailed down" over the coming days. He also acknowledges there is a negotiation with the rest of Europe in the offing but he says "real progress" has been made in his four main negotiating objectives. 

The BBC's Norman Smith says there are things in the draft text which David Cameron wanted, such as an emergency brake that could stop in-work benefits being paid to EU migrants for four years, a "red card" system giving national Parliaments the ability to block EU legislation and a commitment for the UK to opt-out of ever-closer union in a future treaty.

But he says the document will be "bitterly fought over" because there will be "ammunition for both sides". 

Among the things that the PM's critics will seize on, he adds, is that there is no time limit on the emergency brake and no mention of the end of child benefit being paid to EU migrants whose dependants live abroad. 

Keeping the unity of the European Union is the biggest challenge for all of us and so it is the key objective of my mandate. It is in this spirit that I put forward a proposal for a new settlement of the United Kingdom within the EU. To my mind it goes really far in addressing all the concerns raised by Prime Minister Cameron. The line I did not cross, however, were the principles on which the European project is founded. I deeply believe that our community of interests is much stronger than what divides us. To be, or not to be together, that is the question which must be answered not only by the British people in a referendum, but also by the other 27 members of the EU in the next two weeks. This has been a difficult process and there are still challenging negotiations ahead. Nothing is agreed until everything is agreed. I am convinced that the proposal is a good basis for a compromise. It could not have been drafted without the close and good cooperation of the European Commission. In order to facilitate this process the Commission also made political declarations that are included in this package. Let me briefly refer to all the four baskets of the proposal. On economic governance, the draft Decision of the Heads sets out principles to ensure mutual respect between the Member States taking part in further deepening of the Economic and Monetary Union and those which do not. By doing that we can pave the way for the further integration within the euro area while safeguarding the rights and competences of non-participating Member States. The respect for these principles is backed up by a draft Decision establishing a mechanism that while giving necessary reassurances on the concerns of non-euro area Member States, cannot constitute a veto nor delay urgent decisions. The exact conditions for triggering this mechanism remain to be further discussed. On competitiveness, the draft Decision of the Heads, together with a more detailed European Council Declaration and a draft Commission Declaration, will set out our commitment to increase efforts to enhance competitiveness. We will regularly assess progress in simplifying legislation and reducing burden on business so that red tape is cut. On sovereignty, the proposed Decision of the Heads recognises that in light of the United Kingdom's special situation under the Treaties, it is not committed to further political integration. It also reinforces respect for subsidiarity, and I propose that the Member States discontinue the consideration of a draft legislative act where a number of national parliaments object to it on the grounds of subsidiarity, unless the concerns raised can be accommodated. The importance of respecting the opt-out regime of Protocols 21 and 22, as well as national security responsibilities is also underlined. On social benefits and free movement, we need to fully respect the current treaties, in particular the principles of freedom of movement and non-discrimination. Therefore the proposed solution to address the UK concerns builds on the clarification of the interpretation of current rules, including a draft Commission Declaration on a number of issues relating to better fighting abuse of free movement. The draft Decision of the Heads notes, in particular, the Commission's intention to propose changes to EU legislation as regards the export of child benefits and the creation of a safeguard mechanism to respond to exceptional situations of inflow of workers from other Member States. A draft Commission Declaration also relates to this mechanism. This approach, as well as the exact duration of the application of such a mechanism need to be further discussed at our level. Most of the substance of this proposal takes the form of a legally binding Decision of the Heads of State or Governments. We should also be prepared to discuss the possible incorporation of the substance of a few elements covered by the Decision into the Treaties at the time of their next revision. European Council The President Our Sherpas and Permanent Representatives will meet on Friday this week to have the first discussion of the proposal. The clear objective is to have an agreement of all 28 at the February European Council. To succeed we will all need to compromise. To fail would be compromising our common future. 

Donald Tusk, President of the European Council 

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Draft EU reform proposals released by European Council president Donald Tusk today allow for an "emergency brake" on benefits for migrant workers to be imposed immediately after the UK votes in favour of remaining in the union.   

The government has now confirmed that Europe minister David Lidington will answer Labour's Urgent Question on the EU renegotiations. 

House of Commons
Parliament

Business in the Commons begins at 11:30am with questions to ministers from the department for Business, Innovation and Skills.

The speaker has granted two urgent questions, one from Labour leader Jeremy Corbyn, asking David Cameron about the EU renegotiations; and another on the Zika virus.

The main business of the day is the second reading of the Enterprise Bill. After that MPs will debate a motion on appointments to the House of Commons Commission, external.

Officials from the EU's other 27 states will discuss the UK's reform package for the first time on Friday, a European Commission spokesman has said. Speaking in Brussels, he said the hope was they would reach an agreement at the European Council summit later this month.

European Parliament

Summing up the debate for the Commission, Taxation Commissioner Pierre Moscovici tells MEPs that the measures will not undermine the competitiveness of EU companies. 

He adds that the EU "does not stand alone" in its desire to tackle the problem of tax avoidance. 

He says he is aware that achieving agreement on the measures will be challenging - since revising tax law requires unanimous approval among the national governments - but that he is confident they will "show goodwill" to get them passed. 

He adds that governments are currently under "huge pressure" from public opinion to take action. 

The Commons Speaker John Bercow has agreed to Jeremy Corbyn's request for an urgent question on the EU renegotiations following the publication of the draft text. It is scheduled to take place at 12:30 but it is not clear whether David Cameron will be in the Commons to answer it. He is planning to make a full statement to Parliament on Wednesday. 

Leaving Cabinet this morning, Commons leader Chris Grayling - one of five ministers reported to be considering backing the Out campaign - has spoken about the EU renegotiations. He said:

European Parliament

Ashley Fox, who leads the UK Conservative MEPs in the Parliament, says he gives a "cautious welcome" to the Commission's measures. 

However, he adds that ultimately tax avoidance needs to be tackled "at the international rather than the European level", and that the issue should not be used as "another excuse for more Europe".

He also repeats his party's opposition to the idea of a Common Consolidated Corporation Tax Base - a common system for calculating corporate tax payments due by multinationals across the EU.

Plans for a CCCTB have been stalled by member states ever since they were first proposed in 2011 - but the Commission has said it wants to re-launch the scheme this year, following what it has called a “step by step approach”. 

He says the scheme would constitute "unwanted interference" in the competency of national governments. 

The Commission has insisted in the past that a CCCTB is not a move towards establishing a harmonised EU rate of corporation tax. 

Conservative MP John Redwood has blogged, external on the UK's draft EU renegotiation plan, which will be published at 11:00 GMT. The MP, who backs EU exit, says proposed new powers for national Parliaments to block EU legislation are scarcely stronger than conventions already in force. He adds.

Image source, LBC

Here's more on what Boris Johnson has been saying this morning about the EU renegotiations. Speaking on his LBC phone-in, he praised David Cameron for doing "a very good job of renegotiating at huge speed a very difficult package of measures". But he said he had "doubts" about whether the changes being mooted went far enough. For instance, on the proposed emergency brake on the payment of in-work benefits, he said:

The Mayor of London and Tory MP, who has yet to declare which side he will campaign for in the upcoming referendum on EU membership, said "everyone wanted to see more progress".