Queen's Speech 2009: Labour's third term lorry is stuck in third gear

When the spectacle of Wednesday's Queen's Speech is over, what will be left on the surface?

From the various reports in the Sunday media, the answer seems to be precious little. Now this is not just because we have little or no financial capital (although of course we do), but more to do with the fact that we have a government that has spent all of its political capital.

Now you can debate when this process started. Some might say it started under Blair and accelerated under Brown. Others might say it firmly began under Brown and gained an unforgiving speed thereafter. But the fact this process has occurred is surely beyond doubt and debate.

For this reason we are not going to see a radical shift in this Labour government's attitudes or actions come Wednesday afternoon.

There are numerous examples that one could pick to illustrate this. The touted Bill to beef up the FSA is one example. It is not just too little. It is too late and in terms of State intervention in bad banker's contracts may very well be illegal. It also misunderstands the fundamentals of the economic earthquake which shook our nation violently 13 long months ago. Misunderstanding the problem will mean the solution is misdiagnosed.

Labour's Fair deal for our armed forces is another example. Of course all of us in this land should ensure that this is a land that is fit for our lads and ladies who sacrifice so much for us in foreign fields. But why are we at this point?

Treatment abroad and at home are not mutually exclusive but mutually inclusive.

Again Labour's announcement on Wednesday will be too little, too late.

For these and a myriad of other reasons, Wednesday will highlight once again that the Labour third term lorry is stuck in third gear in the middle lane of the political motorway.