Despite the ermine, diamonds, pomp and pageantry, it was, inevitably, a recession-driven Queen's Speech. The new economic reality resulted in a raft of measures to protect savers and help those paying mortgages and the unceremonious ditching of some of the most contentious Bills proposed in the draft Queen's Speech. No tears will be shed at the loss of a data communications Bill which would allow the government to store details of all telephone and e-mail communications, and website traffic in a single database. Instead, the economic freefall has resulted in a series of hastily-written pre-Christmas financial tokens of help for those feeling the fall-out.

The practical and legal difficulties encountered in the recent bank rescue packages have brought about a banking Bill, which will strengthen the role of the Bank of England by allowing it to intervene when a bank gets into severe difficulties, and will put the banking codes on a statutory footing. With the government promising to underwrite mortgage payments for two years to allow people in difficulties to defer part of their interest payments and offering a financial lollipop of up to £300 to kickstart a regular savings habit for up to eight million people on low incomes, the message is that stability in both the national and household budgets is a government priority.

Although long-trailed and in general outline equally populist, the timing of the welfare reform Bill, announced against a daily tally of redundancies and job losses as businesses retrench or go into administration, will cause considerable trepidation among the unemployed and those who fear their jobs are vulnerable. While sanctions against those who "fiddle the system" are overdue, the prospect of lie detector tests and compulsory community work for those who fail to find work will cause real fear among genuine claimants at a time when job opportunities are becoming scarcer.

The borders, immigration and citizenship Bill, requiring immigrants who would become British citizens to make efforts to integrate, plays to the same Middle Britain agenda, while also recognising the widespread concern at detaining children of would-be immigrants and asylum-seekers in prison-like conditions.

Against the backdrop of the economic downturn, the enshrinement in law of the target to eradicate child poverty by 2020 must be seen either as hopelessly optimistic or such a genuine article of faith that it must be made to stand against the odds. Time will tell.

Most of the Bills outlined in the speech will apply to Scotland in varying degrees, but some will require "legislative consent motions" in the Scottish Parliament. Despite political differences between Holyrood and Westminster, they are unlikely to be blocked: for example, applying the Marine and Coastal Access Bill will give the Scottish Government welcome additional marine planning powers.

The undeniably populist flavour of the overall package prompted inevitable speculation of an early election. Before any date can be reliably discerned on the horizon, however, the effects of the measures outlined yesterday must be tested through many months of heavy economic weather.