A climate change bill which will see carbon emissions reduced by 60% was expected to be a central pillar of the Queen's speech. As Insurance Times went to press it was understood the government will propose four elements of legislation to put climate change at the top of the political agenda.

Labour's target of cutting emission by 60% by 2050 will be put on the statute book and there will also be plans for "interim targets". However, despite calls from cross-party MPs, there will be no mention of a 3% year-on-year reduction.

Plans for an independent carbon committee to work with the government to reduce Britain's emissions were also put forward. The Bill is also thought to award ministers "enabling powers" to put in place measures to cut emissions.