The Queen has delivered her opening speech of the new Parliament, and the first one to be prepared by a majority Conservative government for more than 18 years.
The speech largely set out plans to implement policies included in the Conservative party manifesto for the recent General Election, and the most important bill to be announced is the one promising a Referendum on the UK’s continuing membership of the European Union. The legislation will impose that the Referendum must take place by the end of 2017 and it is possible that it could take place as early as next year.
There is to be a bill to guarantee that there will be no increases in the rates of income tax, national insurance or VAT before the next election. This will also include a commitment not to extend the scope of VAT, or increase the limit at which the main rate of National Insurance ends above the income limit at which 40% income tax becomes payable.
There are also promises that anyone working for 30 hours a week on the minimum wage will not pay any income tax, and that the income tax personal allowance will increase to at least £12,500 by 2020.
An Enterprise Bill will aim to cut regulations for small businesses and provide a conciliation service for small businesses to use in disputes with large businesses. There is also a promise of reform to the current system of business rates.
Parents of children who are 3 and 4 years old will receive free child care for 30 hours a week for up to 38 weeks a year, which is double the current upper limit.
A new right to buy will be brought in to enable tenants in social housing to buy their property at a discount, and there is a promise to build an additional 200,000 new starter homes to be sold to first time buyers who are under 40 at a 20% discount.
At the moment, all we have are the announcements made in the speech and supporting documents published today, and we await the detailed provisions in due course.