London, May 13 (ANI): The agreement inked between Britain's Conservative Party and the Liberal Democratic Party to form a new government makes for an interesting read.
The pact has eleven key points, which focus on a range of issues and challenges bedevilling British society, and how the new coalition hopes to tackle them.
It covers the full range of policy,including foreign, defence and domestic policy.
The issues that it does not cover include the following: (1) Deficit Reduction (20 Review of spending on the National Health Service, schools and for a fairer society (3) Tax Measures (4) Banking Reform (5) Immigration (6) Political Reform (7) Pensions and Welfare (8) Education and Schools (9) Relations with the EU (10) Civil Liberties and (11) Enviornment.
On the issue of deficit reduction, both parties have agreed that it is the most urgent issue facing Britain and that steps must be taken to protect those on low incomes from the effect of public sector pay constraint and other spending constraints.
Both have agreed that modest cuts of six billion pounds to non-front line services can be made within the financial year 2010-11, subject to advice from the Treasury and the Bank of England on their feasibility and advisability.
The parties have also agreed that funding for the National Health Service should increase in real terms in each year of the Parliament,
They have also committed themselves to carrying out a full strategic security and defence review alongside the Spending Review with strong involvement of the Treasury.
Both have agreed that the personal allowance for income tax should be increased in order to help lower and middle income earners.
The parties have agreed that tackling tax avoidance is essential for the new government.
On banking reforms, they said it is essential to avoid a repeat of Labour's financial crisis.
On immigration,Tory leader David Cameron and Lib-Dem leader Nick Clegg have agreed that there should be an annual limit on the number of non-EU economic migrants admitted into the UK.
Both have agreed to the establishment of five year fixed-term parliament.
They will also bring forward a Referendum Bill on electoral reform, besides other political reforms.
The parties agree to phase out the default retirement age and hold a review to set the date at which the state pension age starts to rise to 66, although it will not be sooner than 2016 for men and 2020 for women.
The parties agree to implement a full programme of measures to fulfil our joint ambitions for a low carbon and eco-friendly economy, including: The establishment of a smart grid and the oll-out of smart meters. (ANI)