Brown announces new initiatives in draft Queen's Speech

In what was billed as a draft version of the Queen's Speech, Gordon Brown has unveiled a series of new measures. Though short on content the Prime Minister did at least confirm £300 million worth of new schemes to aid the housing market, as well as a new banking law to support financial stability and a national savings scheme for those on low incomes.

The housing market will receive help through the setting up of a £200 million fund to buy unsold new homes and rent them to social tenants. Or make them available on a shared ownership basis.

In addition, £100 million would be made available to shared equity schemes to help more first-time buyers to purchase newly-built homes on the open market.

Meanwhile, as part of the Banking Reform Bill Mr Brown proposed that the Bank of England be allowed in the short term at least not to disclose liquidity assistance - the measure aimed at allowing City watchdog, the Financial Services Authority, to collect information from troubled banks and let them share it with the Financial Services Compensation Scheme first.

Mr Brown also confirmed the creation of a national savings scheme pitched at 8 million people on low incomes - the Government pledging to contribute £1 for every £1 saved.