The Queen’s Speech wins backing from big business

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The speech set out 22 Bills indicating what Prime Minister David Cameron hopes to achieve in the next 18 months.

The Queen said that cutting the budget deficit and restoring growth would be the new Government's "first priority".

John Cridland, CBI deputy director-general, was effusive.

"The coalition is right to put deficit reduction and securing economic growth at the heart of its first Queen's Speech.

"The programme that has been set out is ambitious and far-reaching with a clear sense of renewal. Businesses recognise their responsibilities and look forward to playing their part."

On reforming financial services, he added: "Giving the Bank of England clear responsibility for the big picture, as well as additional oversight of micro-prudential regulation, should strengthen the authorities' ability to identify and manage emerging risks."

The Institute of Directors was also pleased, especially with the planned cuts to public spending.

Director-general Miles Templeman said: "This is the best way of securing recovery."