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| Holyrood to be given new income tax and borrowing powers | Holyrood to be given new income tax and borrowing powers |
| (40 minutes later) | |
| Holyrood will be given new income tax and borrowing powers as part of a deal struck between the Scottish and UK governments. | Holyrood will be given new income tax and borrowing powers as part of a deal struck between the Scottish and UK governments. |
| The measures are part of the Scotland Bill which is nearing its final stages. | The measures are part of the Scotland Bill which is nearing its final stages. |
| It has also been agreed that the role of the UK Supreme Court in Scots law will be reviewed. | It has also been agreed that the role of the UK Supreme Court in Scots law will be reviewed. |
| Both administrations have confirmed they will recommend that MSPs and MPs support the bill when it comes before Holyrood and the Commons. | Both administrations have confirmed they will recommend that MSPs and MPs support the bill when it comes before Holyrood and the Commons. |
| To secure the deal, UK ministers dropped plans to return certain powers to Westminster. | |
| It was also agreed that the package would only be implemented with the agreement of Holyrood. | |
| The financial measures include: | |
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| In addition, Holyrood will have: | |
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| The UK government said the new borrowing limits would be reviewed regularly and a consultation would be launched soon into the possibility of the Scottish government being able to issue its own bonds. | |
| Scottish Secretary Michael Moore, who released details of the deal in a written statement to the Commons, said: "Today marks a major step forward for devolution and I am glad Scotland's two governments have reached agreement over the Scotland Bill. | |
| "The UK government has been clear from the outset we believe it is the right package of new powers for Scotland. | |
| "We have also been clear that we wanted the Scottish Parliament to support the measures contained in the Scotland Bill. | |
| "It will strengthen devolution and the cross-government support for the bill is good news for Scotland." | |
| He added: "There has been a great deal of debate around the bill and we have worked closely and flexibly with the Scottish government to make the changes required to secure an agreement. | |
| "The bill also remains faithful to the work of the Calman Commission which received such overwhelming support at the last general election." | |
| The Scottish government's Bruce Crawford said that although the Holyrood administration had secured some important changes, the bill represented a "missed opportunity" for Scotland. | |
| He said: "We fought hard to get more powers in the Scotland Bill, and succeeded in removing the harmful elements, but the UK government resisted more significant changes. | |
| "We know the people of Scotland want significantly more powers for the Scottish Parliament - the debate around the independence referendum has shown that - and I believe the Scotland Bill will be out of date before reaching the statute book. | |
| "It represents a real missed opportunity. | |
| "To stimulate the economy we need much greater financial responsibility that will allow us to boost our recovery, invest in our public services and support long-term sustainable growth. | |
| "The Scotland Bill falls way short in terms of delivering the economic levers to stimulate the economy and create jobs." |