Alex Salmond says he is standing down as Scotland's First Minister and Scottish National Party leader. It comes after Scotland rejected independence in a referendum yesterday.

Mr Salmond said it was a "privilege of my life to serve as first minister. I am immensely proud of the campaign which Yes Scotland fought and of the 1.6 million voters who rallied to that cause by backing an independent Scotland."

"I am also proud of the 85% turnout in the referendum and the remarkable response of all of the people of Scotland who participated in this great constitutional debate and the manner in which they conducted themselves."

"We now have the opportunity to hold Westminster's feet to the fire on the "vow" that they have made to devolve further meaningful power to Scotland. This places Scotland in a very strong position."

"We lost the referendum vote but Scotland can still carry the political initiative - Scotland can still emerge as the real winner. My time is nearly over," he added.

The British Prime Minister David Cameron has promised new powers for Scotland after 55% of the country voted against independence.

However, he warned that it was time the "millions of voices of England" were heard as he unveiled a substantial shake-up for the whole of the UK with new powers for Wales and Northern Ireland and greater influence for England's MPs over English law.

Mr Cameron was speaking outside Downing Street after Mr Salmond accepted defeat in the historic referendum, with 44% voting in favour.

Mr Cameron said the new powers he, Nick Clegg and Ed Miliband had promised Scotland in the dying days of campaigning would be "honoured in full".

And he said work would start on a "full and fair settlement for all of the UK" in what appeared to be a shift towards a more federalist UK and that plans would be drawn up by the leader of the House of Commons, William Hague.

Labour dismissed Mr Cameron's plans as "knee-jerk" and Mr Miliband set out his own proposal for a UK Constitutional Convention and political reform of Westminster as he arrived for the Labour Party conference in Manchester.

He said: "This referendum has changed Scotland. But it will also change Britain. We know there is deep anger across the UK with Westminster politics from so many people who feel left out and left behind - that our country doesn't work for them."

"Labour's plan for Britain means big economic change but it also means change in the way we are governed."

His proposals would see all of the UK regions producing a report on how they should be run, these recommendations would be pulled together and debated by Parliament. He said further details would be released in the coming weeks.

Mr Miliband is heavily reliant on his 40 Scottish MPs in influencing Commons votes and any attempt to stop them voting on English matters would be seriously damaging to Labour.

But speaking in Edinburgh this evening, Mr Salmond said he had no regrets about the campaign.