Policymakers in the U.K. have used the result of the Scottish referendum to back plans for more devolution for each part of the United Kingdom, thus raising the possibility of some hefty constitutional changes.
The three leaders of the main political parties at Westminster had agreed to give Scotland more powers even before voters decided to reject independence on Thursday. Prime Minister David Cameron reiterated this promise on Friday morning. He announced a new "balanced settlement" for Scotland which would involve draft legislation - to be ready by January - that could give the country more powers on tax, spending and welfare.
However, he also announced plans for further devolution for Northern Ireland and Wales in the next parliamentary term. He also outlined that England could expect to have more say on the laws that solely affect its citizens with English policymakers meeting separately in Westminster to debate domestic issues.
"Westminster is now expected to devolve more power to Scotland after a late promise by the leaders of the major Westminster parties," said Schroders European Economist Azad Zangana in a research note on Friday.
"Variability in tax rates may introduce distortions at a micro level, but should have little impact to the overall macro-economy."
Fitch Ratings said the fiscal risks posed by further Scottish devolution were low and that the the prospect of Scotland gaining more tax-raising powers did not have implications on the U.K.'s sovereign rating.
John Redwood, a lawmaker from the Conservative Party, which currently holds the majority of seats in the U.K government, told CNBC on Friday morning that he was "delighted" at the result from Scotland and was looking forward to some "exciting changes" ahead.