2. The government has been saved, at least for now; the immediate constitutional crisis has been avoided. But investors and markets will now start to think about the May 2015 General Election in earnest, and focus on the fact that all of the polls show that Labour is on course for victory. But the massive change announced by David Cameron this morning is that he also wants the English and others to be given the same powers as Scotland - ie English votes for English laws. Left-wing Scottish MPs will no longer be able to decide on English matters, just in the same way that English MPs can no longer decide on Scottish matters. This is a constitutional revolution - and it means that even a Labour takeover of the House of Commons could still mean Tories in charge in England, preventing some of the worst UK-wide anti-business excesses. The devil will be in the detail, however.

3. In the long-run, the chances of a Brexit - a UK exit from the EU - are now higher than they were, though not as high as if Scotland had voted Yes. It is clear that campaigners can make huge headway even if the establishment is against them. Expect the Out campaign to use a similar strategy to that embraced by Salmond - though with actual facts and genuine arguments this time, rather than bluff, bluster and denial.

David Fuller's view

Further inward investment will be encouraged by certainty that the UK will remain intact, and probably for far longer than another generation.  This could benefit all regions although the main developments would logically be in England.  The City’s financial position is secure and very likely to become even more important.  Uncompetitive taxes or regulations from Brussels would all but ensure the UK’s exit from the EU.