The banking sector will have to wait another day for details on the proposed financial services bill, after the Queen's speech, which was expected to flesh out elements today, gave little away. The bill is set to be presented to parliament tomorrow and will include provisions to allow the Financial Services Authority to "rip up" employment contracts and ban banks from certain activities.

The Queen's speech was expected to outline certain aspects of the financial services bill, but instead dedicated just one line to the issue in what was a relatively short event.