State Opening of Parliament

In an annual ceremony at Westminster, Queen Elizabeth II convened the British Parliament. The Queen’s speech outlining the government’s agenda proposed measures designed to strengthen financial regulation and reduce the nation’s debt levels.
The Financial Services Bill calls for a new Council for Financial Stability and gives the Financial Services Authority (FSA) greater powers to regulate banks. The FSA would also be able to void overly risky employment contracts. The Fiscal Responsibility Bill would commit the government to halve its budget deficit within four years.


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