Debate over decentralisation of financial powers begins in UK

London, Sep 19 (IANS/RAY) The Scottish referendum may have gone in the United Kingdom's favour, but the debate over de-centralisation of financial powers is not over yet.

The BBC commented: "The fact that over 1.5 million British citizens voted to break away from the rest of the UK, the fact that a majority in Scotland's biggest city -- Glasgow -- backed independence, the fact that the Westminster establishment briefly thought this vote was lost, is the reason for that."

The UK's three national parties, namely the Conservatives, Labour and Liberal Democrats, have pledged significant constitutional change and not just for Scotland but for England, Wales and Northern Ireland as well.

This was outlined by Prime Minister David Cameron, who said Friday: "Just as the people of Scotland will have more power over their affairs, so it follows that the people of England, Wales and Northern Ireland must have a bigger say over theirs."

Making a statement in front of his official 10 Downing Street residence, Cameron earlier remarked: "Scotland voted for a stronger Scottish Parliament backed by the strength and security of the United Kingdom and I want to congratulate the No campaign for that - for showing people that our nations really are better together."

The final result declared Friday morning indicated over 55 percent support for the "No" campaign.

Markets in London reacted, with both the FTSE index and the pound gaining appreciably.

The referendum may have ended one debate in Scotland - for now. It has, however, lit an explosive question of how powers will be devolved in an up to now quite centralised UK.

--IANS/RAY

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