The union between Nick Clegg and David Cameron have been blessed by the Queen, thus making the marriage, and Britain”s new coalition government official. The nation is of course somewhat confused as to what the policies of the new government will be, seeing as there were no manifesto commitments.

The Queen”s speech unveiled the total program for the new government yesterday. There are obviously quite a lot of policies to be chewed over. A lot of attention is being focused on plans for education and political reform, but with the situation as it is at the moment it is measures to do with the economy that are taking centre stage.

There is to be a so-called ”emergency budget” within the next two months. There is to be a major tax-overhaul. The planned rise in employers national insurance rates is to be scrapped, and a reduction in the controversial ”child trust fund” and tax-credits scheme is planned. To counterbalance this there is to e a rise in the tax-free personal allowance.

Changes to the nuances of income tax are planned. The tax free personal allowance will be drastically increasing. At the moment it is just under six and a half thousand pounds, but will be rising to ten thousand. Though some plans seem set in stone, the situation with others is less certain.

There is European pressure to create a new levy on banks. This would ensure that if banks needed to be bailed out again that tax payers would not have to fund it. In Britain there has been the suggestion that banks should be taxed on their more risky investments to discourage the kinds of practices that led to the unpleasantness of the past couple of years.

In addition to these things there is currently a row brewing about capital gains tax. An alternative has been proposed by Tory veteran John Redwood. What with all the turbulence and debate it can be a little hard to know what exactly is going on. Fortunately there are some very helpful resources available to track tax rates online.

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