Whilst business leaders welcomed the idea of shoring up the banking sector, other aspects of the Queen’s Speech received a mixed response.

The CBI's Deputy Director-General, John Cridland, said: "The Prime Minister has rightly focused on measures affecting the economy in this year’s Queen’s Speech. It is important that government policies assist businesses facing the credit crunch without placing unnecessary administrative burdens on them, which cost time and money, and stop companies focussing on the important challenges they face."

British Chambers of Commerce director general David Frost expressed a note of concern: "This is the first Queen’s Speech during a recession for over a decade, yet there is little medicine for the economy. "The government has today brought forward proposals which will cost businesses time by imposing new employment legislation and money by hitting them with a business rate supplement."

John Wright, National Chairman of the Federation of Small Businesses, commenting on both the Queen’s Speech and accompanying Government announcements, added: "The Queen’s Speech is a mixed bag for small businesses this year. Reforms to the financial sector are very welcome, following a very difficult year for small businesses which have seen costs on overdrafts rise and loans being defaulted. But measures to extend flexible working for parents will be an extra burden for small businesses at an already difficult time. The FSB is also concerned that small firms will struggle to pay extra business rate charges in what will be a very difficult year."