Economic reforms unveiled
The Government attempted to maintain its focus on rebuilding the economy in the Queen's Speech, with measures to reduce burdens on business and strengthen regulation of the financial services sector.
Retail and investment arms of banks will be separated under the new Banking Reform Bill, in line with the recommendations from the Vickers’ Report into banking.
Her Majesty stated: “My Ministers’ first priority will be to reduce the deficit and restore economic stability."
Outlining a Banking Reform Bill, she said: "Measures will be brought forward to further strengthen regulation of the financial services sector and implement the recommendations of the Independent Commission on Banking."
The Government will also introduce an Enterprise and Regulatory Reform Bill. "Legislation will be introduced to reduce burdens on business by repealing unnecessary legislation to limit state inspection of businesses," her Majesty said.
She outlined a Groceries Code Adjudicator Bill to curb the power of large supermarkets: "My Government will introduce legislation to establish an independent adjudicator to ensure supermarkets deal fairly and lawfully with suppliers."
There will also be legislation to establish a Green Investment Bank.