Queen Elizabeth Delivers Her Austerity Speech In The House Of Lords

May 26th, 2010 - 7:22 pm ICT by GD  

By Ranjan Bhaduri
BRITAIN-GOVERNMENT/London, May 26, (THAINDIAN NEWS) The House Of The Lords on Tuesday witnessed the message of austerity being delivered by Queen Elizabeth II. In her austerity speech she underlined the important aspects of the coalition government of Britain and the upcoming plans for the same. The Queen said that there shall be a program which will meet all standards as mentioned one after another. Reportedly, the program aims to slash all public spending and along with it seeks to regulate the age old financial policy of the state.

The Queen said that the state’s chief concern was to arrest the national deficit. It was declared that the net borrowing for the public sector as per the current fiscal year ending was $223 billion. Bank of England will be in charge of the finance sector and its associated regulations in the market. The Office of Budget Responsibility shall look after all economic affairs. The austerity message said that there will be a new tax-rate margin for one and all banks. It was also declared that the voting system which is prevalent in England shall have to gain rigidity on a whole. Apart from the slashing of the funds, the Queen also declared that the plan for national identity cards which would have incurred a total cost of $7.3 billion plan has been taken off the list.

While delivering her austerity speech the Queen wore a 2,000 diamond-studded crown. Lastly she also announced that the Duke of Edinburgh and her husband Prince Philip shall accompany her in her Canada Tour in June and the New York Tour in the month of July.

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