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Queen’s Speech prioritises debt reduction
In the first Queen's speech of the new coalition government it was stated that cutting the record budget deficit and restoring growth would be the new government's first priority.
The speech revealed that scraping identity cards and the national identity register could save over £86m and confirmed that employers will not need to pay an increased rate, but staff will need to increase their national insurance contributions.
It was also announced that pensions will reflect earnings by 2012 and legislation set to increase the state pension age will be reviewed and possibly amended.
The government also promised a full consultation and review process on whether flexible working should be extended to all employees, as opposed to introducing hastily conceived legislation.
"Hopefully, the measures outlined in the Queen's Speech will go some way to getting the nation's finances back on track without jeopardising recovery," said Jane Bennett of The Forum of Private Business.
"The compromise reached over National Insurance Contributions isn't ideal and will still create a bureaucratic burden for smaller firms. However, it is preferable to the larger increase previously proposed by the last government."
Post Date: May 25th, 2010
The speech revealed that scraping identity cards and the national identity register could save over £86m and confirmed that employers will not need to pay an increased rate, but staff will need to increase their national insurance contributions.
It was also announced that pensions will reflect earnings by 2012 and legislation set to increase the state pension age will be reviewed and possibly amended.
The government also promised a full consultation and review process on whether flexible working should be extended to all employees, as opposed to introducing hastily conceived legislation.
"Hopefully, the measures outlined in the Queen's Speech will go some way to getting the nation's finances back on track without jeopardising recovery," said Jane Bennett of The Forum of Private Business.
"The compromise reached over National Insurance Contributions isn't ideal and will still create a bureaucratic burden for smaller firms. However, it is preferable to the larger increase previously proposed by the last government."
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Post Date: May 25th, 2010
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