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Details of the coalition deal

Details of the coalition deal

7:53am 12th May 2010

A new political era for Britain is underway.

David Cameron begins his first full day as Prime Minister leading a coalition government not seen in Britain since World War 2.

He'll govern with the Liberal Democrats after the party endorsed the plans at a meeting late last night.

Here are some of the measures agreed under the power-sharing deal between the Conservatives and Liberal Democrats.

Top of the list is the plan to cut the deficit.

There will be a 6 billion pound reduction in spending - and as the Conservatives wanted it'll happen this year.

Another big issue is Trident.

A nuclear deterrent will be maintained - though the Lib Dems will still be able to argue for alternative options.

There was agreement on imposing a levy on banks and tackling excessive City bonuses.

The new government aims to scrap the bulk of the planned increase in national insurance contributions for employers.

But instead of getting rid of the rise for employees, there will be a substantial increase in personal tax allowances to benefit low and middle-income workers, as the Lib Dems had been calling for.

However, they've had to drop their plan for an illegal immigrant amnesty in exchange for a cap on new immigrant numbers.

One of the Tories' big ideas gets through - a so-called Big Repeal Bill intended to cut back on expensive government projects and legislation. That means an end to ID cards and biometric passports.

Nick Clegg's party will sign up to a commitment not to join the European single currency and to legislation requiring a referendum on any proposed transfer of powers to the European Union.

He also pushed hard for electoral reform and has been promised a referendum on the Alternative Voting system.

The UK will move to five-year fixed-term parliaments.

The next election has already been pencilled in for the first Thursday in May 2015.

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