THE first Conservative Queen’s speech in twenty years addressed a number of wide ranging issues and should be seen as an opportunity to ensure your finances are in check, writes Samantha Dolby an investment manager at Brewin Dolphin in Newcastle.

Businesses warned that the speech fell short of expectations on tax simplification, measures to improve skills and plans to limit public spending.

Lobby groups also criticised the lack of a bill designed to prevent tax dodging by large firms.

One of the more controversial items was that tax relief on pension contributions will be scaled back to pay for increased childcare provision.

Further tinkering to the pensions regime is unwelcome, especially if it acts as a disincentive to those saving for their retirement. It is not yet known how far the tax relief cuts will go.

The Tories have already earmarked the 45 per cent top rate of tax relief as one for the chopping board, removing relief from those who earn £150,000 or more a year, but the government could go further and taper back the 40 per cent relief given to higher rate taxpayers as well.

Whether it is the reduced lifetime allowance (£1m from 2016), a potential reduction in the amount of tax relief available or the new flexibility rules, changes like these mean you should be looking at your pension contributions to ensure they remain suitable.

In a world of forever changing legislation it is now more important than ever to ensure your pension plans reflect your individual needs and will be able to cater for your lifestyle in retirement.

The Conservative election victory also brought with it the uncertainty of an in/out referendum on the UK’s future membership of the European Union (EU).

Lessons learnt from the run up to the Scottish referendum and UK General Election signal a time of market uncertainty and speculation ahead of us.

Volatility in the financial markets is unnerving for investors, especially those sat on cash, having raised funds before the election when the market reached all-time highs.

The business world is divided on the referendum.

Some big business leaders have threatened to review their operations in the UK if it votes to leaves the EU.

On the other hand the euro-sceptics believe that an exit could reduce the amount of red tape and bureaucracy, particularly for small businesses.

While the UK Independence Party failed to take many seats, an exit would definitely please their 4m voters.

The challenge is now for David Cameron to negotiate better terms for British membership of the EU. Only then can he begin the task of persuading UK voters of the benefits of remaining within the bloc.

In the short term, investors may turn their back on markets next week with savers expected to pour millions into National Savings & Investments Premium Bonds when the limit is raised to £50,000 per individual.

One thing is for certain, with the European Central Bank printing 60 billion of new Euros each month while Greece teeters on the brink of expulsion from the EU, the US Federal Reserve Board repeatedly warning of higher interest rates down the line and economic growth in the UK remaining muted, financial markets will remain a volatile place.

Samantha Dolby is an Investment Manager at Brewin Dolphin in Newcastle. samantha.dolby@brewin.co.uk

The opinions expressed in this article are not necessarily the views held throughout Brewin Dolphin. No director, representative or employee of Brewin Dolphin accepts liability for any direct or consequential loss arising from the use of this document or its contents. Any tax allowances or thresholds mentioned are based on personal circumstances and current legislation which is subject to change.