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Queen's speech to target economy

Updated on 03 December 2008

By Channel 4 News

The Queen's speech is expected to focus on legislation to fight the economic slump.

Banks may face large fines for not treating customers fairly, with ministers firming up the existing voluntary code of practice, as part of large scale changes to the financial services sector.

The initiative comes after worry that institutions are ignoring their own rules and regulations in the aftermath of the credit crunch.

Small businesses have questioned the rules regarding loans and overdrafts being altered with little notice, leaving them short of cash.

It is reported that The Financial Services Authority will run the new statutory banking code - companies who break the rules face large fines.

At the moment the harshest punishment for breaking the code is being "named and shamed".

In May's draft legislative Gordon Brown talked about other prospective rules but they are believed to have been put on hold so that business and consumers are not hit hard.

It is likely Business Secretary Lord Mandelson is the author of these alterations, including a stop to a cigarette advertising ban after concern it would harm small businesses.

Brown's final complete programme before a general election will come down hard on benefit fraud and will try to get more of the unemployed back to work.

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