Where to now for Scotland?

Scotland's First Minister Alex Salmond conceded early Friday that Scotland had voted to stay within the U.K. Photo: Getty Images

AFTER months of tense debate British Prime Minister David Cameron and Scotland's First Minister Alex Salmond finally agree on one thing.

It will be a very long time before Scotland has another chance at becoming an independent country.

"The independence question in Scotland has been 'settled for a generation, or, as Alex Salmond said, perhaps a lifetime.'" Mr Cameron told reporters.

Scots voted 55 per cent to 45 per cent against independence in a vote that saw an unprecedented turnout with 86 per cent voting.

Their decision prevents the 307-year union with England from being cut but will ultimately give it greater freedom than it currently has, particularly around tax and benefits.

British Prime Minister David Cameron says he is delighted Scotland would remain in the UK. Source: Getty Images

Draft laws on the new powers would be published by January.

Mr Cameron said he was "delighted" with the result which had "kept our country together."

"I am delighted. It would have broken my heart to see the UK come to an end."

Mr Cameron, who would have been under pressure to resign if the vote was lost, said the people of Scotland had spoken "and it's been a clear result".

The Prime Minister said devolution commitments made during the campaign promising further powers to Scotland — when a nervous Westminster thought it could lose the vote — would be "honoured in full".

He also signalled changes to the way other parts of the UK were governed, hinting England, Wales and Northern Ireland "should be able to vote" on tax, spending and welfare.

"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."

Scottish First Minister Alex Salmond First Minister Alex Salmond concedes defeat. Source: Getty Images

Leader of the Better Together campaign, Alistair Darling, said the referendum result meant unity had been chosen over division. Source: Getty Images

Earlier, Mr Salmond conceded defeat saying he accepted the verdict of the Scottish people.

"I accept that verdict of the people and I call on all of Scotland to follow suit in accepting the democratic verdict of the people of Scotland."

But while he agreed the independence question was settled for the time being, he did hint that it could return at some point in the future.

"It's important to say that our referendum was an agreed and consented process and Scotland has by a majority decided not, at this stage, to become an independent country," he told a rally in Edinburgh.

Winners...Supporters of a "no" vote celebrate the historic result. Source: Getty Images

Mr Salmond noted 1.54 million had still voted to break away from the UK.

"This has been a triumph for the democratic process and for participation in politics."

He expected the Coalition Government to honour their promises of more giving more power to Scotland.

The man who spearheaded the no campaign, former Chancellor of the Exchequer Alistair Darling, said unity had been chosen over division.

"Today is a momentous day for Scotland and the United Kingdom as a whole."

Pro-Independence supporters in Edinburgh, Scotland, are devastated they didn't win. Source: AFP