The Community Trade Union - which has its roots in the steel communities of South Wales, Scotland and northern England and the textile towns of the Midlands - has welcomed the Smith Commission proposals.

John Park, Assistant General Secretary of Community, commented: "These are radical proposals, which rightly respect the outcome of the referendum and the desire of all parties to see more decisions taken directly in Scotland.

"The referendum demonstrated a massive demand for change in the way that Scotland is governed and the Smith Commission should be commended for answering that call. Importantly, the report has also avoided firing the starting gun in a race to the bottom that would hurt working people.

"Essential safeguards for workers, such as the minimum wage, have been protected."

Author and Yes campaigner Alan Bissett tweets, external: Is anyone on No side remembering that none other than Gordon Brown himself called the devolution of income tax a 'Tory trap'. Anyone...?

Linda Fabiani, the East Kilbride MSP, was one of the SNP members on the Smith Commission. She says the powers to be transferred are not sufficient.

Ms Fabiani said: "It falls far short of the vow and the promises that were made. Because what we are talking about here is having power over less than 30 per cent of the tax for Scotland, less than 20 per cent of the welfare budget."

"So it's certainly not what was talked about as home rule."

The Chief Secretary to the Treasury, Danny Alexander, said the Smith commission proposals "are the right thing to do".

Image source, Reuters

"It's part of a plan that we have today, which for the first time means that we will have home rule for Scotland within the United Kingdom, something that we, as Lib Dems, have campaigned on for a long time," he said.

Mr Alexander added: "What you have is taxes like income tax which are proposed to be fully devolved, all of the income tax raised in Scotland will go towards helping to pay for the public services that are delivered by the Scottish parliament."

A MP from the north of England says he fears that the new powers to be granted to the Scottish parliament could have a detrimental effect on English regional airports.

Phil Wilson, Labour MP for Sedgefied, told the BBC that allowing Holyrood to set air passenger duty could disadvantage airports in the north of England.

Mr Wilson continued: "The Scottish National Party's policy on all of this is to cut air passenger duty and this will give an incentive to people to travel to Edinburgh to fly or to Scottish airports to fly, rather than go from Newcastle or Manchester.

"And I know Ed Balls has actually written to George Osborne today to say that look, you know, regional airports - especially in the northeast of England - and the northwest, shouldn't be disadvantaged by these moves."

Michael Heron:, external The #SmithCommision isn't about making Yes people happy, it's about trying to placate No voters - and they *want* to convince themselves.

KillTheWavesJoe:, external Scotland still very much attached to runaway train of Westminster, as it hurtles toward the social cliff. #SmithCommision

Ian Young:, external What exactly are these 'job creating powers' that John Swinney wants? #SmithCommision

DJ Johnston-Smith:, external Quite certain that 30% tax & 15% of welfare powers can't justly be claimed to be "as close to a federal state as you can be" #SmithCommision

Dr Alan Renwick, author of 'After the Referendum: Options for a Constitutional Convention, external' has said the Smith Commission's report makes it "even more important" to resolve the governance issues facing the rest of the UK.

Rushing in to 'English votes for English laws', or remaining with the status quo would be wrong, he said.

Image source, Getty Images

"The risk is that the UK ends up with a system which has not been properly thought through, leading to as many losers as winners. Political leaders would be handing over even more ammunition to the critics, such as UKIP", he said.

Mr Renwick continued: "Proper, detailed examination of all the options, and their likely effects, is needed. The best way to do this would be through a constitutional convention that allows ordinary British people to participate in the forging of a new constitutional settlement for the UK as a whole."

The leader of the Commons, William Hague, has told MPs that the government will publish a command paper before Christmas on the options for England, following the Smith commission report.

Mr Hague said there would be proper debate and scrutiny of the Smith proposals.

Ruth Wishart, external: Constitutional Convention. Calman Commisison. Smith Commission. Evolution, not revolution, but maybe same destination. #smithcommision

Matthew Riley, external: Hope no one is buying that #smithcommision is near what the Scottish people want. Just recommendations & barely more than Scotland Act 2012.

Christopher Silver:, external It's a potentially catastrophic approach for unionist parties to see #smithcommision as a line in the sand in advance of #ge2015

The proposals revealed by Lord Kelvin this morning have been met with a mixed reaction.

Image source, Getty Images

Find out what everyone from politicians, trade unions, business groups and charities have been saying here.

Mike Thomson, Uddingston: Interesting that Westminster will retain all oil and gas revenues, albeit they persistently talked down the value and benefit of such revenues in the weeks and months leading up to the referendum.

Frank, Shetland: What a disappointment. I have to agree with the new first minister. The voters will decide. It's a mix off very little. Where is the can-do spirit?

Fergus, Aberdeenshire: Smith sounds like a tax raising charter. Something i didn't vote for when I voted No.

John, Airdrie: How sadly predictable the SNP are disappointed with the Smith Commission. For the good of our country they are going to need to get over the referendum result. We said no. Accept it and get on with running the country as per the settled will of the people.

Over on our BBC Scotland News Facebook page, external we're also getting your views on the Smith Commission proposals.

Prentice Baines says: "I thought we were promised 'extensive new powers' to the effect of 'home rule'?"

Les Mason says: "Air Passenger Duty is welcome. Hopefully allow us to make Scottish airports more competitive and negate the need to always route through Heathrow/Gatwick."

So what is in the Smith Commission report?

Image source, PA

Here is a recap on the main points from the report, which can be read in full here, external.

Shelter Scotland welcomed powers to abolish the so-called bedroom tax.

Director Graeme Brown said: "It is critical that the new powers for the Scottish Parliament are used to tackle poverty and inequality generally and poor housing and homelessness specifically.

"There is a long way to go before these proposals become a reality for people across Scotland and our priority remains helping Scotland's most vulnerable tackle bad housing and homelessness."

Robert Peston
Economics editor

The Smith commission has apparently made some huge decisions.

But possibly the most important economic decisions relating to Scotland's new powers, on the size of the grant Scotland will receive in future and how much it can borrow, are yet to be taken.

Read my blog on whether the new tax spending powers to be devolved to Scotland are fair.

Disabled people's organisation Inclusion Scotland welcomed plans to devolve control over disability benefits and the Work Programme.

Image source, Rex Features

But the group said it is disappointed that the commission failed to devolve all welfare and more fiscal powers to Scotland.

Bill Scott, Inclusion Scotland's policy director, said: "We consulted with hundreds of disabled people and their near unanimous view was that we needed Devo Max, including the devolution of all welfare benefits.

"However, we are pleased that the Scottish Government should get more control over employability schemes. This cluster of powers has the potential to make a real difference to Scots disabled people's lives."

Dave Murchison:, external Unionist parties in Scot. Parl. telling Sturgeon to basically shut up and accept that's all Scotland is getting. #indyscot #smithcommission

Peter A Russell:, external Smith Commission was @theSNP 's chance to unite Scots around new settlement. They have blown it, and failed Scotland. To their eternal shame.

Grant McKenzie:, external #smithcommission is only recommendations! @jackiebmsp, you need to learn the difference between the process and having delivered

Sam Ghibaldan:, external The #SmithCommission, which included the SNP, has gone well beyond #TheVow. The SNP should remember people rejected independence #FMQs

Deputy Prime Minister Nick Clegg hailed the Smith Commission's recommendations as "The Vow Max".

He told the BBC: "Myself, David Cameron, Ed Miliband made this vow that more powers would be handed to Scotland.

"We've not only delivered on that vow, on the timetable that we said, we've over-delivered on it - it's 'Vow Max', if you like."

Mr Clegg added: "And now we will have a Scottish parliament which can raise the majority of the money that is spent in Scotland, you have a welfare system for Scotland.

"It won't ask anything more of English taxpayers - anything that the Scottish government wants to do now or in the future will have to be paid for in Scotland itself. I think that is a sensible settlement and I back it, and I back it fully."

Andy Willox, Scottish policy convenor of the Federation of Small Businesses (FSB), said the proposals "seek to bridge the gap between the spending power of the Scottish parliament and the health of the country's private sector".

Image source, Thinkstock

He added: "We know that our members' preferred course of action in the event of a 'No' vote was a Scottish Parliament with more powers, and today's agreement certainly moves in that direction.

"No matter how the Scottish Parliament chooses to use new powers, we cannot see a new administrative burden fall on Scottish businesses, or firms who trade or employ north of the border.

"We must develop smart tax and regulatory systems which take the administrative sting out of any changes for the business community."

Deputy SNP leader Stewart Hosie tweets, external: The #smithcommission proposals are welcome as far as they go... But they will NOT deliver the powerhouse parliament promised. #VoteSNP