UK: Queen’s Speech to mark the start of the new parliament – Lloyds Bank

The Queen’s Speech will mark the formal start of the new parliament and is set to go ahead even though the government has not yet completed the negotiation of its alliance with Northern Ireland’s Democratic Unionist Party, explains the research team at Lloyds Bank.

Key Quotes

“The speech traditionally sets out the government’s proposed legislative programme. The focus will be on whether that will now have to be watered down given the government’s precarious position. A Great Repeal Bill in preparation for Brexit was expected to be a key part of that programme, so it will be particularly interesting to see what is said about this.”

“Aside from that, Bank of England Chief Economist Andy Haldane is scheduled to give a speech in Yorkshire at midday. He voted to keep interest rates unchanged last week. Elsewhere, US existing home sales and UK public finances are likely to attract limited attention. VAT receipts in the latter, however, may provide further evidence on whether consumer spending is slowing. In the evening, the Reserve Bank of New Zealand is expected to leave policy rates unchanged at 1.75%.”