What the Queen's Speech means for you

The Queen wasn't overly taxed in her speech today, with the whole lot over and done with in 15 minutes. There has been plenty of talk about what wasn't in the speech - the delay in long term care reform, and watered down reform of the Lords.

However, in those few minutes, the Queen announced a number of bills which will have direct effect on your pocket. So what does it mean for you?

Banking Reform Bill

This is the legislation that will implement the commission's recommendations to separate retail banks from their riskier investment banking divisions. The response has been positive. Which? executive director, Richard Lloyd says:"We are pleased that the Government is moving to introduce ring-fencing of retail banking. People can't afford to lose money on bailouts and want their savings to be protected from risky investment banking. The Bill should set out a clear and urgent timetable for reform and the Government must not allow this to be derailed by bank lobbying."

There will also be other measures designed to protect consumers in the event of disaster, including a new rule that means those with money on deposit will be the first to get their money back if a bank goes under.

On a more day-to-day level, there will be measures to make it easier for customers to switch their account from one bank to another by September 2013. And there's another crowd-pleaser: provisions to strengthen shareholder power when it comes to clamping down on executive pay.

However, there's something in there that could cost us more in the short term. There is likely to be legislation requiring banks to increase their capital reserves - making them more resilient in tough times. The problem is that this requires banks to stockpile cash - which means they won't be in a hurry to kick-start their loans businesses again.

Public Service Pensions Bill

This has already been the source of much debate and unrest, and what we have seen so far is likely to be a drop in the ocean compared to what is coming.

The overall aim of the bill will be to create a common framework for public service pensions, on an affordable level, with public sector staff taking more of the burden of cost. While taxpayers may be broadly in favour of the move, it's fair to say that public sector employees will be up in arms - and that all of us will pay the price through industrial action and strikes.

Enterprise and Regulatory Reform Bill

This has already been highly controversial. There has been a lot of positive feedback to the plan to cut red tape for businesses and reduce state inspections. Business Secretary Vince Cable argued: "Securing economic growth through business investment and trade is absolutely essential to recovery. Government's plans to cut red tape, boost green investment, reform the competition landscape and reform the banks are vital moves that would help strengthen the business environment and boost consumer and business confidence."

However, the moves to overhaul employment tribunals and make it easier for businesses to hire and fire have been met with a mixed response. There are those who are concerned it will erode employee rights, and lead to more sudden and unexpected unemployment - which can devastate family finances overnight. Chief Executive of Child Poverty Action Group, Alison Garnham, said: "Parents need jobs, not new laws to make it easier to fire people."

The Pensions Bill

This will usher in things that have been talked about for long enough to come as no shock to anyone. The bill will raise the state pension age to 67 between 2026 and 2028. It means anyone under the age of 52 will retire later than they may have initially envisaged. The bill will also contain details of how the government will increase retirement age further as longevity increases. Clearly this will be a financial blow for many. However, it is a blow they have had plenty of warning about.

It will also bring in the new flat rate pension at about £140 a week. The effect this has on you will depend on the pension rights you have already built up, as well as how the new pension is implemented. For those on a higher wage, who have been contracted in, there's a chance the flat rate could be lower than the amount they would be due to receive under the old system. For the lower-paid it will be a lifeline.

Children and Families Bill

There is a lot in this, including rights for fathers on divorce and speeding up adoption. But while the measures on divorce are likely to change the complexion of many divorce and custody battles, they are unlikely to affect their ruinous expense.

The measure that's most likely to have a profound impact will be a new ability for parents to swap 'maternity' leave from work. The short-term impact will depend on who is the higher earner. If this enables a higher-earning woman to return to work, it will boost the family finances. However, if it enables the higher-paid father to take leave, it is going to make an expensive time even harder for families.

The long-term impact, meanwhile, could be more profound. If sharing care becomes the cultural norm, motherhood need not mean a dramatic reduction in a woman's earning capacity, and we could see wages between men and women equalise and the glass ceiling for promotion shattered - or at least dented.

Google gets Nevada driving licence for self-drive car

            Google has been experimenting with driverless Toyota Prius cars in the US

Driverless cars will soon be a reality on the roads of Nevada after the state approved America's first self-driven vehicle licence.

The first to hit the highway will be a Toyota Prius modified by search firm Google, which is leading the way in driverless car technology.

Its first drive included a spin down Las Vegas's famous strip.

Other car companies are also seeking self-driven car licences in Nevada.

Accident

The car uses video cameras mounted on the roof, radar sensors and a laser range finder to "see" other traffic.

Engineers at Google have previously tested the car on the streets of California, including crossing San Francisco's Golden Gate bridge.

For those tests, the car remained manned at all times by a trained driver ready to take control if the software failed.

According to software engineer Sebastian Thrun, the car has covered 140,000 miles with no accidents, other than a bump at traffic lights from a car behind.

Human error

Bruce Breslow, director of Nevada's Department of Motor Vehicles, says he believes driverless vehicles are the "cars of the future".

Nevada changed its laws to allow self-driven cars in March. The long-term plan is to license members of the public to drive such cars.

Google's car has been issued with a red licence plate to make it recognisable. The plate features an infinity sign next to the number 001.

Other states, including California, are planning similar changes.

"The vast majority of vehicle accidents are due to human error," said California state Senator Alex Padilla, when he introduced the legislation.

"Through the use of computers, sensors and other systems, an autonomous vehicle is capable of analysing the driving environment more quickly and operating the vehicle more safely."

London 2012: Olympic Stadium is officially opened

Thousands braved the rain and cold at the Olympic Park in London for the opening

A nine-year-old girl has officially opened the the 2012 Olympics stadium, at a ceremony in east London.

Niamh Clarke-Willis joined Locog head Lord Coe to hit a button which launched balloons into the sky above the venue for this summer's Games.

Around 40,000 members of the public were at the Olympic Stadium in Stratford to witness the opening, which included a laser light show.

The "2,012 hours to go" event tested the park's management and security.

Lord Coe said: "It's a fantastic feeling. The seven years have just flown by. Tonight is only the start of the story.

"We want thousands of young people to be inspired to take up sport. We hope that for a few of them it will be the start of their journey.

"I'm grateful to everyone who came here tonight to celebrate this moment in history."

Spectators had to queue to enter the venue after airport-style security checks.

'Insufficient clothing'

Simon Levy, who came to the Olympic Park for the first time on Saturday, said: "It's not a problem, really. It's much quicker than the airport and it's good to be checked because now we know we're safe."

Police helicopters flew over the park and armed police patrolled the area.

Adrian Casy, a security guard at the Olympic Stadium, said Saturday's events were among the main rehearsals for the games, particularly in moving and managing the crowds of spectators from the park and from one venue to another.

"Honestly, so far, so good, although we're still trying hard to make it run smoother," said Mr Casy, adding that some spectators were wearing "insufficient clothing" to cope with the weather conditions.

Spinning targets

Organisers Locog said young people aged eight to 14 were asked to register for the opportunity to open the stadium during a series of sporting events held at the venue.

The first 100 youngsters who applied were picked to go through to the final round.

Paralympic gold medal-winning archer Danielle Brrown will shoot arrows at a series of spinning targets to select one young person from the audience to open the stadium.

Some 140,000 people are expected at the Olympic site over six days.

The celebrations are part of the British Universities and Colleges Sport Outdoor Athletics Championships and the Visa London Disability Grand Prix which are test events for the venue.

London 2012 hopefuls Perri Shakes-Drayton and Holly Bleasdale are competing at the BUCS event which runs from 4-7 May.

TV presenters Vernon Kay and Gabby Logan hosted the event which saw entertainment from impressionist Jon Culshaw, actor Hugh Bonneville, singer and former Spice Girl Melanie C, rapper Chipmunk and comedian Jack Whitehall.

Later in the week, the Olympic Stadium will also play host to the Sainsbury's 2012 School Games, for 1,600 school-aged elite athletes.

GPs 'making too many errors prescribing drugs'

                                 Researchers said there needed to be better training for GPs

GPs are making too many mistakes when prescribing drugs to patients, the official regulator says.

A General Medical Council review said errors were being made for one in six people on prescription drugs.

Its study - based on 1,200 patients - found the elderly and the young were the worst affected.

But the report said many mistakes were only minor and some would have been corrected by the pharmacist before the patients were actually given the drugs.

Nonetheless, researchers said it was clear there was room for improvement and called for better training for GPs and more checks on their prescribing practices.

They also suggested the length of the GP consultation should be increased from 10 minutes to 15 to ease the time pressure on doctors.

Lead researcher Professor Tony Avery added: "It's important we do everything we can to avoid all errors."

Lack of monitoring

The most common type of error identified was incomplete information on the prescription, followed by problems with dose and timing of doses.

In total, 18% of patients experienced a mistake with at least one prescription over the course of the year.

But for the over-75s the figure increased to 38%, reflecting the fact they were often on a number of different medications at the same time.

Children under the age of 14 were also more likely to experience an error - something that was put down to the difficulty of getting doses right.

But the overwhelming majority of cases were not classed as serious, with only 4% of errors judged as severe.

These included cases where patients were given drugs which they were allergic to, and a lack of monitoring of potentially risky drugs such as warfarin, which thins the blood.

Health Secretary Andrew Lansley said the government was working with GPs to improve practices.

But he said patients should be reassured that even when GPs made mistakes, there were systems in place to make sure patients were not affected.

"The vast majority of prescriptions are checked by community pharmacists, who spot and put right any errors when they are dispensed."

Cut your mortgage costs

You would be forgiven for thinking that right now your mortgage is the one thing you don't have to worry about. While the cost of everything else is going through the roof, there's every likelihood that your mortgage costs are lower than they have been for years.

However, neglecting your mortgage now would mean missing a golden opportunity to cut your mortgage costs dramatically over the long term.
There are a few things you can do right now to save yourself money in the long run.

1. Fix

While rates are so low - and with the experts predicting they will remain that way for some time to come - it's tempting to stick to a variable rate mortgage and get the lowest rate possible.

However, it's worth bearing in mind that these same predictions mean the price of fixed rate mortgages has fallen too. Nationwide and the Post Office recently joined the rush to cut their fixed rates, and many deals are now below 4%. First Direct, for example, offers borrowers with a 35% deposit a 3.99% rate.

If you can fix for five years then there's every chance that you will find yourself on rock bottom rates when the economy begins to turn a corner and rates start rising again. Of course, there's always the risk that rates will take more than five years to rise again, in which case you will have fund yourself paying over the odds. However, the commentators are not predicting a full five years of economic gloom.

2. Shop around

Mortgage rates have been at long-term lows for such a long time that many people are now sitting on their lender's SVR. In recent weeks, however, those have started to inch up, so it pays to look around.

You can even get rates under 4% for 90% mortgages now, and if you have a more sizeable chunk of equity you can easily pay less than 3%. With some SVRs well over 5% it may be worth the hassle of remortgaging.

3. Overpay

Of course this is easier said than done, and some mortgages don't allow it. However, if you have the flexibility to overpay then this is a golden opportunity. If you can find a way to squeeze a bit more life from your household budget, the savings are remarkable.

If, for example, you have a £100,000 mortgage at 6%, overpaying by £100 a month could save you almost £27,000 and wipe six years off your mortgage. There's little doubt that your mortgage costs £100 less than it did before the credit crunch, so in theory it should be possible to make the most of this opportunity.

4. Plan for change

Overpaying or switching to a fixed rate mortgage have the added benefit that they protect you when interest rates eventually rise again.

You don't have to take either of these approaches, but it's worth avoiding the crime of complacency. At some point in the future interest rates will rise again. While you have time and space to think about it, you need to make a plan for how you will cope.

Where will you find the extra money? Will you need to change mortgages? Should you do it in advance? Will you be able to afford the mortgage at all? Is a more drastic solution worth considering - like moving or bringing in a lodger?

For every mortgage problem there is a solution, it's just that it's hard to find when you leave it to a moment of crisis. So while rates are so low it pays to plan ahead, so you have something in the pipeline for when rates rise again.

Beginner's guide to self-employment

With the economy sliding back towards recession, many jobs are at risk. The number of Britons becoming self-employed is expected to rise as a result.

If being your own boss appeals to you, check out this guide to improve your chances of being successfully self-employed. 


Controlling your cash 
When you become self-employed, you must let Revenue & Customs know within three months. Otherwise you risk a fine.

Once you are registered as self-employed, you will almost certainly need to start paying Class 2 NI contributions, which are £2.50 a week.

Even though you will not pay any income tax in the first year, it is also crucial to set aside at least an hour each week to do your accounts and to start saving up for your first tax bill.

Accountants recommend saving around a third of any profits over and above the current personal allowance of £7,457.

You do not necessarily need to pay an accountant to manage you affairs, although you may wish to invest in some easy-to-use accounting software such as that available at Accountz for £99.

Working from home 
There are both pros and cons to working from home. It can, for example, prove hard to concentrate, which is why it is a good idea to have a separate room or area to work in.

If you are likely to have a lot of visits from clients or will be using your home primarily as an office, you should also look into whether you need planning permission to set your business up. Contact your local authority for more details about this.

Finally, get in touch with your home insurer to find out if you need to alter your policy and whether you need business insurance, which offers various types of cover including public liability and employers' liability. The latter is obligatory if you plan to take on staff.

Registering for VAT 
If you expect to have a turnover of at least £73,000, then the current rules state that you must also register for VAT.

However, even if your turnover is less than this amount, some people feel that it is worth registering to look more professional if your clients are businesses.

If your clients are going to be consumers, on the other hand, you should avoid registering if possible as it will only serve to push your prices up by 20%.

Marketing 
Whatever field you are in, the success of your business depends to a large extent on potential clients finding out about it. So it is vital to get your marketing right.

Finding the right name for your business is hugely important and you will have more chance of attracting customers - and internet users - if you keep both it and any website simple and to the point.

Mobile phones: 'Still no evidence of harm to health'

There are 80 million mobile phones in the UK

There is still no evidence mobile phones harm human health, says a major safety review for the UK's Health Protection Agency (HPA).

Scientists looked at hundreds of studies of mobile exposure and found no conclusive links to cancer risk, brain function or infertility.

However, they said monitoring should continue because little was known about long-term effects.

The HPA said children should still avoid excessive use of mobiles.

It is the biggest ever review of the evidence surrounding the safety of mobile phones.

There are now an estimated 80 million mobiles in the UK, and because of TV and radio broadcasting, Wi-Fi, and other technological developments, the study said exposure to low-level radio frequency fields was almost universal and continuous.

A group of experts working for the HPA looked at all significant research into the effects of low-level radio frequency.

'Relatively reassuring'

They concluded that people who were not exposed above UK guideline levels did not experience any detectable symptoms.

That included people who reported being sensitive to radio frequency.

They also said there was no evidence that exposure caused brain tumours, other types of cancer, or harm to fertility or cardiovascular health.

But they said very little was known about risks beyond five years, because most people did not use mobile phones until the late 1990s.

Prof Anthony Swerdlow, who chaired the review group, said it was important to continue monitoring research.

"Even though it's relatively reassuring, I also think it's important that we keep an eye on the rates of brain tumours and other cancers," he said.

"One can't know what the long-term consequences are of something that has been around for only a short period."

There has been speculation about the health effects of using mobile phones for years.

The HPA conducted a previous review in 2003, which also concluded that there was no evidence of harm. But there is now far more research into the subject.

Advice on children

The experts said more work was needed on the effect of radio frequency fields on brain activity, and on the possible association with behavioural problems in children.

They also called for more investigation into the effects of new technology which emits radio frequency, such as smart meters in homes and airport security scanners.

The HPA said it was not changing its advice about mobile phone use by children.

"As this is a relatively new technology, the HPA will continue to advise a precautionary approach," said Dr John Cooper, director of the HPA's centre for radiation, chemical and environmental hazards.

"The HPA recommends that excessive use of mobile phones by children should be discouraged."