The UK Government has confirmed the main elements of its proposed financial services bill, which was one of the key proposals in the Queen's speech to parliament today.

The Prime Minister's office has confirmed that the Financial Services Bill, which was be published tomorrow, will include establishing a new statutory Council for Financial Stability, to be chaired by the Chancellor and comprising the Treasury, the Bank of England the Financial Services Authority. The bill will also propose giving the FSA powers to rip up employment contracts, which contravene its rules. It also said that systemically important banks will be required to draw up living wills.