Queen’s Speech 2010 unveils coalition plans

| May 25, 2010 | 0 Comments

The Queen’s speech today, which was her first for a coalition Government and the first with a Conservative as Prime Minister for 14 years, unveiled many proposals, which the new coalition Government hopes to achieve over the next 18 months.

The speech outlined 23 bills and one draft bill which include tackling “unacceptable” bank bonuses, as well as introducing a levy on banks.

An independent commission would be set up with a view to breaking up banks into their retail and investment banking arms to reduce risk.

Meanwhile, the new coalition Government said it will scrap the tripartite regulation system that Labour introduced when it came to power in 1997.

The system comprises the Bank of England, the Financial Services Authority (FSA) and the Treasury and under the system, the FSA supervises the banks, the Treasury is responsible for legislation and the Bank of England for financial stability.

It will also block next year’s 1% rise in National Insurance contributions by employers.

With regard to pensions, it will restore the link between the state pension and earnings and will legislate for the phasing out of the default retirement age and set a timetable for increasing the state pension age.

Iain Duncan Smith, the new work and pensions secretary, is to oversee radical reform of Britain’s benefits system.

According to the new Government, there is too much of what it describes as “overlapping entitlements or switch” between different benefits.

It estimates that around 200,000 people a year “cycle” between jobseeker’s allowance and incapacity benefit.

It intends to make benefit payments more conditional on willingness to accept work.

It also has plans to give all employees the right to request flexible working hours. The Government said it will consult with business groups on how best to proceed with this.

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