My Government will continue to manage the public finances prudently, in accordance with the Code for Fiscal Stability and the two fiscal rules. As a result, long-term interest rates are around their lowest level for almost 30 years. My Government will continue to work with others to promote economic reform in Europe. They will work for more open markets, greater economic growth and new job creation. To prepare Britain as a dynamic, knowledge-based economy, my Government will introduce a Bill to promote electronic commerce and electronic government, improving our ability to compete in the digital marketplace.
Financial services lie at the heart of a modern economy.
The financial services industry accounts for 7 per cent of our national income, employing over one million people. With the new Financial Services Authority, my Government are determined to maintain and advance the UK's position, and the Bill introduced last Session will be carried over to this. As part of my Government's drive to address inappropriate and over-complex regulation, legislation will be introduced to increase the effectiveness of the power to remove regulatory burdens. My Government will introduce a Bill to enable the Post Office to improve its services and to compete more effectively in UK and overseas markets. Legislation will be introduced to assist the rescue of viable businesses in short term difficulties, and improve the procedure for disqualifying unfit company directors.