Queen's Speech: Govt "committed" to halving 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.