My lords, ladies, etc., etc., I’m pleased to present the first legislative programme of this new experimental coalition government – though I wish that their security was a bit tighter so that my speech, written by others, wasn’t also already leaked by others.

My government has made clear that their aim is the transformation of Britain.   They have therefore decided that their highest priority is to rein in the City of London whose poorly regulated malpractices so nearly caused a national financial and economic collapse.   They will therefore bring in a Banking Reform Bill to break up the banks so that they are no longer too big to fail, shrink the City so that it doesn’t crowd out our industrial and manufacturing sectors, prohibit banking involvement in hedge funds and private equity, and require all derivative financial products to be sanctioned by a revamped FSA before they can be traded.

My government will bring in a real Constitutional Reform Bill which will not only protect and enhance civil liberties – which is welcome though hardly transformative – but will also confront  the gross inequality of power in Britain today.   It will tackle the excessive power of the media (where balance, diversity and redress are urgently needed), the security services (where the ISC oversight committee is feeble and non-independent), the financial markets (where a Financial Activities Tax will be introduced), and the industrial sector (where a partnership framework for industrial relations will be introduced).

My government recognises that out-of-control markets have put the international economy at risk.   Whilst respecting the proper and complementary roles of the private sector and of public services, it will in the interests of the security of the nation redraw the balance between markets and the State particularly in the fields of pensions, housing, energy and transport.

My government recognises that excessive inequality is tearing apart the social fabric of the nation.   It will therefore set up a Pay and Remunerations Commission which will, following widespread consultation, provide enforceable guidelines on the minimum wage, the ratio between top and bottom pay, the role and level of bonuses, and rulings on stock options and all other forms of remuneration and/or tax avoidance.

My government recognises that neo-liberalism is finished, and will therefore bring forward a new economic model which replaces deregulation, privatisation and unfettered markets with a partnership economy prioritising long-term industrial investment, regional balance, and a new green digital focus to tackle climate change more effectively.

My lords, ladies and others, that’s enough for one session, but this is only the start.

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