David Cameron, the Prime Minister, tweets, external 1/2 I'm delighted with the Smith report on devolution. We are keeping our promise to the Scottish people.

Michael Moore says Smith Commission proposals will give Holyrood £20bn of tax and £2.5bn of welfare powers.

Michael Moore says the report ensures Scotland will continue to benefit from full integration in the UK-wide economy.

Michael Moore of the Scottish Liberal Democrats says Smith Commission proposals give "home rule for Scotland" and amount to a transformation of Scotland's political settlement and also a transformation of the UK.

He says the proposals have "delivered on the vow and more" and said the agreement was a "great day for Scotland".

Ms Goldie says the report is the "next step in a very exciting future for Scotland".

Annabelle Goldie says the Conservatives wanted the report to be a "floor not a ceiling". She said Holyrood politicians would now have to look taxpayers in the eye, and predicted the proposals will bring stability to UK.

Ms Goldie says the independence referendum showed a clear demand for change, and Smith Commission report has delivered on this.

Former Scottish Tory leader Annabel Goldie is up now. She starts by paying tribute to Lord Smith's ability to keep control of 10 unruly politicians.

Tim Reid
Political correspondent, BBC News

tweets:, external If you want to read Smith's #devolution recommendations; his report is here, external.

Iain Gray, who represented Labour on the commission, describes today's proposals as "a promise kept"

Mr Swinney said the SNP wanted job creation powers, but these are not proposed

John Swinney, one of the SNP's representatives on the Commission, said the party played "a full and constructive part" in the Smith Commission.

He welcomes the new powers that will come to Scotland and pledges to work constructively with the UK government to implement the Commission's proposals.

Douglas Fraser
Business and economy editor, Scotland

tweets:, external Lord Smith calls for; more powers to local level: better MSP oversight: better inter-govt working: improved public awareness of current devo.

Lord Smith of Kelvin stepping back from his Devo More role now. No intention of playing further role.

Lord Smith praised the ten members of the commission, who were representing Labour, the Conservatives, the Liberal Democrats, the Greens and the SNP.

Lord Smith said that following the independence referendum, some people will feel the Smith Commission's proposals have "gone too far, some not far enough".

Lord Smith highlights the submissions made by members of the public and organisations, and makes his own recommendations from those submissions. These include:

• Devolution from the Scottish Parliament to local communities

• Improved inter-governmental working between Westminster and Holyrood

Peter MacMahon tweets, external: Smith Commission "stronger Scottish Parliament more accountable more autonomous ".

Lord Smith says this was not an agreement of five parties "sitting in isolation".

He says every proposed changed is "workable".

"Change of this magnitude cannot be rushed through", he adds

Daniel Kenealy, lecturer of politics and public policy at Edinburgh University tweets, external: Lord Smith argues that reaching consensus is, in itself, an accomplishment. Hard to disagree with that. #smithcommission

Lord Smith recommends the Scottish Parliament will be made permanent in UK legislation and given powers over how it is elected and run, including the power to allow 16 and 17 year olds to vote.