The details were a part of the Queen's speech Tuesday, which opened the new parliamentary session and laid out the government's plans for the term, which will last until 2011. The government plans a string of economic bills, all of which were flagged in advance by Mr. Cameron's Conservative-Liberal Democrats coalition. In addition to promising to accelerate deficit reduction, one bill lays out the basis for a new fiscal council, the Office for Budget Responsibility, which will police the government's tax and spending plans.
The national insurance tax bill pledges to "safeguard jobs and support the economy" by delivering on the coalition's pledge to reverse part of the payrolls tax increase planned by the previous government from April 2011. The coalition has pledged to reverse most of the payrolls tax increase to be paid by employers but not the raise to be paid by employees.
The proposed bill may also include fresh measures to tackle tax avoidance and to make it easier for people to set up new businesses, the government said.
As expected, the government plans legislation to deliver a "fairer and simpler" tax and benefits system, and reform of the welfare system aimed at improving work incentives.
It also plans a financial-services regulation bill which will hand "control" of systemic risks to the Bank of England and give it "oversight" of bank supervision. The government has already said it will create an independent banking commission which will report within a year on regulatory changes.
There will be legislation to order the partial privatization of the state-run Royal Mail postal services and to make "fair and transparent" payments to policy holders who lost funds after the collapse of Equitable Life insurance company.
Mr. Cameron's coalition government took office two weeks ago after the May 6 election ended with no party gaining a parliamentary majority.
The legislative program outlined Tuesday delivers on a number of the key policy promises the Conservatives and Liberal Democrats signed up to as part of their coalition negotiations.
The program includes a bill that promises a referendum on a new voting system, known as the Alternative Voting System, and gives voters a right to recall lawmakers guilty of serious wrongdoing and promises a mainly or fully elected upper house. It also includes a bill to create fixed-term Parliaments, with a new super majority of 55% of lawmakers needed to dissolve Parliament.
The program promises a referendum for any new European Union deal that transfers powers to Brussels, pledges reform of political funding and a series of civil liberties measures, including scrapping identity cards.
