Scottish Liberal Democrat leader Willie Rennie says it will be more difficult to get the Treasury model out of the framework in the future.

Ms Sturgeon says the government has not allowed any Treasury model to become a default position. 

She says there is no default model and "there will not be a single penny of detriment".

Scottish Conservative leader Ruth Davidson congratulates both government's on making the deal.

Ms Davidson says there is now a challenge for the SNP government to act and calls on the first minister to outline what she will do with the new powers.

The first minister says she will never describe Holyrood as a sub-state legislature.

Ms Sturgeon says it has been much harder than it should have been to avoid the Treasury trying a cash grab.

Ms Sturgeon says her party will bring forward a manifesto to build a more prosperous society that is fairer. 

Labour MSP Alex Rowley welcomes the deal.

Mr Rowley recognises the personal commitment the deputy first minister has put into the process.

He asks if now that there are new powers she accepts there is now a responsibility to break from austerity.

Ms Sturgeon says the review will be independent.

The fiscal framework will not include or assume the block grant adjustment mechanism beyond the transitional period.

The crucial principle of no detriment has been agreed to she says.

There will be no detriment for the next six years and there can be no default to a detriment at any point in the future.

Ms Sturgeon tells the Scottish Parliament that for this government to sign up to a deal required a fair review mechanism that did not lead to a detriment.

The first minister says she would not sign up to a systematic cut to the Scottish budget.

"There is now an agreement in principle that we can recommend to parliament."

The Scottish and UK governments have reached a financial agreement to support new devolved powers.

Negotiations over the fiscal framework have been going on since March 2015, with a lengthy deadlock over the issue of Scotland's block grant.

MSPs wanted an agreement sealed by Tuesday to allow time for Holyrood to scrutinise the deal.

• What is the fiscal framework and why does it matter?

Image source, Scottish Parliament

George Osborne is to give a statement in London about the deal, which is the financial basis for new powers to be devolved as part of the Scotland Bill.

Ms Sturgeon and Finance Secretary John Swinney had told MSPs that there wasonly one issue outstanding in the talks, the substance of a five-year review of the agreement.

The two sides have disputed a key line of the Smith Commission agreement on new powers, which said there should be "no detriment" to either the UK or Scottish budgets as a result of the deal.

Nicola Sturgeon will now give an emergency statement on the fiscal framework deal. 

The culture secretary says there is unanimity that public service broadcasting is wanted and there is belief in the BBC in delivering that.

However, the issue is sustainability and there can be be better economic impact and diversity here in Scotland, she says.

Culture Secretary Fiona Hyslop says this is an important moment in the Scottish Parliament's new role in charter renewal.

Ms Hyslop says the Scottish government is calling for a mandate to make a strong case for the Scottish proposal to be included in the forthcoming white paper.

She says she still prefers a federal model but accepts there is not consensus for that.

The minister says there is consensus for decentralisation however. 

Mr Griffin says not enough has been done to sustain an independent production hub in Scotland.

The Labour MSP says there is no public appetite for a federal structure for the BBC.

Labour MSP Mark Griffin says "it is clear the BBC is one of our most valued trusted institutions", with witness after witness at the Culture Committee declaring themselves as BBC loyalists.

Mr Griffin says it is only right there is public consultation ahead of charter renewal and funding decisions.

He welcomes Lord Hall's commitment that the BBC would be more transparent and accountable in Scotland.

Conservative MSP Liz Smith says there are some serious debates to be had not least about a federal structure.

Ms Smith there is a need for evidence to support the theory on what audiences around the country want delivered.

If we do go for an alternative to the licence fee model that needs to be tested against what the BBC has to achieve and what BBC Scotland has to achieve, she says.

The Conservative MSP says there must be focus on what people want from the BBC overall. 

Ms Smith says the core is about the quality of the delivery and says it must be clear where the accountability will lie. 

The First Minister will give an emergency statement on the fiscal framework shortly after 5.30pm.

Image source, PA

An agreement has been reached between the Scottish government and the Treasury over future Scottish spending. 

The deal covers the fiscal framework which will accompany the new tax powers due to come to Scotland from next year. 

BBC Scotland understands that the deal involves a five year programme during which there would be no automatic cuts to Scotland's budget arising from the devolution of new powers. 

Lib Dem MSP Liam McArthur says Lord Hall's evidence to the committee was extremely constructive.

In all the evidence there was a general acceptance that change is coming with increased transparency, he says.

Mr McArthur says care must be taken because there are different views on how changes will be achieved.

It's about the needs, desires and expectations of the public not politics, he says.

A BBC spokesman said audiences across Scotland get "excellent value" from the BBC, and were some of the highest users of its services.

He added: "We welcome the Scottish government's contribution to the Charter Review debate and look forward to further discussions with them about how to provide the best possible service to Scottish licence fee payers.

"However, as the report notes, the financial constraints on the BBC will see the corporation having to make close to 20% savings over the next few years.".