Speaking at this week’s post-referendum debate in the House of Commons, the Liberal Democrat politician said his vision for Scotland would be for it to have its own Parliament ‘that raises the majority of its own revenues and can borrow, tax and spend to meet Scotland’s priorities’.

He added: “Following the decisive vote in the referendum to stay within the United Kingdom, the Government moved quickly to set up the Smith commission, to convene cross-party talks and an engagement process across Scotland. It is vital that process delivers significant new powers to the Scottish Parliament within the promised time scale, and I am confident that it will.

“Significant tax-varying powers are necessary so that in future we can have a proper democratic debate on how much to raise through taxes and how much to spend on public services. The Scottish Parliament must be given tax levers enabling it to raise the greater part of its own spending. Taxes on income, wealth and property can suitably be devolved. As well as raising money to spend on public services, these are powerful tools to address inequality in Scotland.

“These are exciting times. I have no doubt that significant new powers will be passed to the Scottish Parliament within the promised timetable. The long-held Liberal belief in home rule for Scotland within the United Kingdom is close to being realised.”