The Queen has this morning announced Government plans to freeze income tax and national insurance for the next five years.
This firms up the Conservatives' pledge to introduce legislation preventing any income tax, NI or VAT rises during the course of the Parliament.

The increase in the inheritance tax threshold, pledged in the Tory manifesto, was not mentioned, but measures to secure the State Pension were included.

The Queen said: "My Government will legislate in the interests of everyone in this country and will adopt a one nation approach.

"My government will continue with its long-term plan to provide economic stability and security at every stage of life. They will continue the work of bringing the public finances under control and reducing the deficit, so Britain lives within its means. Measures will be introduced to raise the productive potential of the economy and increase living standards."

On pensions, she said: "Measures will also be brought forward to secure the real value of the basic State Pension, so that more people live in dignity and security in retirement."

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She confirmed plans for a renegotiation of EU membership and an in/out referendum before the end of 2017. The Government will make moves to increase living standards and work towards full employment, she said.

There will be new duties for yearly reports on job creation and apprenticeships and an election pledge for no income tax to be paid by those doing 30 hours per week on the minimum wage was also included in the speech.

There were also pledges to reduce regulation on small businesses and give opportunities to the disadvantaged.

The Government will also bring forward proposals to increase provision of free child care, to create the chance for housing association tenants to own their own home and for a new British Bill of Rights.