Recently returned to power with an overall majority PM David Cameron today unveils his plans including that EU referendum which seems to cast an ever larger shadow

The event starts at 10.30 GMT and begins with much pomp and circumstance before the Queen reads out a short statement outlining the government's key manifesto points with a bit more detail

Cameron said he would not "waste a single moment" in delivering his manifesto promises following the Conservatives' election victory and these include a bill paving the way for a referendum on the UK's membership of the European Union, promised by 2017 but recently touted as being as early as next year

While the precise wording of the question to be put to voters has not been confirmed, the Yes option is expected to be to remain part of the EU.

The consensus still is for a Yes vote to prevail but for me the No risk is increasing and the demand/awareness for EU reforms is growing

Other policies/bills of note include

  • Scotland/Wales/N.Ireland - bills on devolution aimed at keeping the nationalists sweet. But will it go far enough and with what impact on the UK economy overall.
  • Employment - measures for the workplace have been promised as a key part of their legislation including childcare, schools,
  • Immigration - expect a clampdown on illegal immigration and it will also become an offence for businesses and recruitment agencies to hire abroad without first advertising in the UK - a policy which featured prominently in opposition party Labour's election manifesto
  • Human Rights - The Conservative manifesto says: "This will break the formal link between British courts and the European Court of Human Rights, and make our own Supreme Court the ultimate arbiter of human rights matters in the UK." This is now not expected given the huge opposition to its implementation
  • NHS - Cameron has pledged to boost funding by at least £8bn extra a year by 2020 and to create "a truly seven-day NHS". But he and fin min Osborne haven't told us yet how they're going to fund it or indeed the
  • Tax cuts that we can also expect to hear about today

The govt may have a working majority of 12 but it's by no means enough to go swaggering around assuming everything will get passed. His own back benchers as well as the opposition parties will take great pleasure in keeping Cameron & Co on a tight rein and although we won't get too much detail today the event opens the door to much debate over the coming months both in and out of parliament

Markets will be looking for clues as to the impact of these new measures on the UK economy but I reckon we will have to wait a bit longer and get more detail before any considered opinion can be made.

As always though, expect the unexpected and stand poised

The Beeb has more background here

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