Queen's Speech: Govt "committed" to halving budget deficit
The Queen has revealed details of the Fiscal Responsibility Bill today, designed to cut Britain's growing budget deficit.
Under the Bill, the Government will be obliged to halve the budget deficit within four years.
It is likely to be fast-tracked through Parliament before a General Election is held, along with the Finance Bill.
The UK's debts are currently £825bn, and this is set to rise by £170bn in the next two years as a result of the financial crisis and ensuing bank bailouts.
Government will be committed to halving the deficit within four years, and Parliament will gain the power to approve multi-year spending plans.
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