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Picture 30 9.30pm WATCH: George Osborne speaks to the BBC after attending an ECOFIN meeting in Brussels where the EU's hedge funds directive was discussed

7.15pm LeftWatch: Labour's Sisterhood (2010 edition)

4.45pm WATCH: David Cameron makes his first Commons speech as Prime Minister as he congratulates John Bercow on being re-elected Speaker

4pm WATCH: David Cameron and Nick Clegg meet business and community leaders at Downing Street to outline their vision of the Big Society

3.45pm ToryDiary: George Osborne's solid start

Picture 283.15pm ParliamentJohn Bercow re-elected Speaker without the need for a division

2pm Robin Simcox on CentreRight: A member of al-Qaeda? Come on in… the more the merrier

1.15pm Latest on CentreRight:

Picture 181pm ToryDiary: Coalition memorabilia alert

12.15pm Latest on CentreRight:

11.45am Paul Goodman on CentreRight: A Conservative case for hiking capital gains tax

10.15am ToryDiary update: Nadine Dorries emails all new MPs asking them to vote against John Bercow's re-election as Speaker

ToryDiary: MPs should give John Bercow a ringing endorsement as Speaker this afternoon

Also on ToryDiary: The number of SPADs should be the Coalition’s first U-turn

Crawford
Charles Crawford on Platform: Advice from an ex-diplomat to the new Foreign Secretary on how to shake up the Foreign Office

Local Government: Will a Conservative Housing Minister mean Conservative Housing Policy?

International: Germany becomes Eurosceptic as costs of Greek bailout create unpopularity for Merkel

ThinkTankCentral: Respublica sets out policy agenda for social enterprises

WATCH: David Laws, the new Chief Secretary to the Treasury, explains to Jeremy Paxman his concerns about the spending commitments made by Labour in its last few months in office

Picture 6
Recommendation 3 of ConservativeHome's General Election Review: The development of an External Relations Unit that will develop much better relations with opinion formers in the third sector and conservative movement

David Davis: David Cameron's plan to limit MP powers could compromise the role of The Queen

DAVIS DAVID "The requirement for a 55% majority to dissolve Parliament, and thereby dismiss a government, dramatically reduces the ability of Parliament to hold the Executive to account. It is a major constitutional change, possibly one of the greatest in the UK parliament since 1911. To introduce such a measure in this way is simply wrong… If this proposal goes through we could have a situation where the government could not effectively govern the country, but it could command 45% of the vote. What would the Palace do if the Prime Minister refused to ask for a dissolution? If the monarch dissolved Parliament, there would be a constitutional crisis. If she did not, a broken government could stagger on." – David Davis writing in the Daily Telegraph

> Yesterday's ToryDiary: David Davis attacks 55% rule as a "very serious mistake"

> Alex Deane on CentreRight yesterday: Big Brother Watch is against the 55% change – where does your organisation stand?

Treasury brings forward £6bn Labour cuts

"Tory plans to impose £6bn of spending cuts from next week, accepted by the Liberal Democrats in coalition negotiations, will bring forward savings identified by Labour in the past six months. In one of the biggest steps of the new government, designed to highlight what it regards as the spendthrift ways of Gordon Brown, George Osborne will on Monday announce £6bn of cuts that will slash, among others, travel budgets and IT costs." – The Guardian

"More than a million people could be dragged into paying capital gains tax after George Osborne confirmed that he would use his emergency Budget to hit investors. The Chancellor is to increase duty on capital gains even though the plan was not included in the Conservatives’ election manifesto." – Daily Telegraph

George Osborne to cut corporation tax amid row over plans to hike capital gains taxDaily Mail

Coalition looks for ‘£12bn in savings’ from welfare budgetThe Times

Osborne set to be the boss of banking – to the great relief of the industryThe Independent

George Osborne heads for defeat on EU hedge funds regulationThe Guardian

IFS welcomes creation of Office of Budget Responsibility

"The British government's new independent fiscal watchdog will help to lend credibility to its fight to cut the record budget deficit, but it could go further, a key think tank said on Monday… Carl Emmerson, deputy director at the Institute for Fiscal Studies, told Reuters the OBR should switch to central forecasting rather than cautious forecasting because under the current system "we don't know how cautious they are, we can't measure it." – Reuters

The Chancellor will have less freedom to ‘fiddle figures’ The Times

> Yesterday's ToryDiary: George Osborne announces Emergency Budget for June 22 as he creates the Office of Budget Responsibility

Outgoing Chief Secretary jokes about the Government running out of money

"George Osborne, the Conservative Chancellor, and David Laws, his Liberal Democrat deputy, used their first joint appearance to make common cause of an aggressive timetable for cuts, savings and spending targets. To underline the extent of the task, Mr Laws made political capital from a letter left for him on his Treasury desk by Liam Byrne, his Labour predecessor.The note — dated April 6, the day that Gordon Brown called the election — read: “Dear Chief Secretary, I’m afraid there is no money. Kind regards — and good luck! Liam.” Mr Byrne said yesterday that the letter had been intended as a joke." – The Times

> Yesterday's LeftWatch: Labour's outgoing Chief Secretary's writes "joke" letter to his successor about the financial mess he has bequeathed

Theresa May to axe police bonuses

Theresa May Big Ben "Tens of millions of pounds in police bonuses face the axe after chief constables told Home Secretary Theresa May they were not wanted. A delegation of force leaders told the Tory Cabinet member that bonuses are not part of the country's "policing culture" and should be dumped. They said the system of making special payments to all ranks was imposed on police despite concerns that private sector remuneration was not suitable for their unique role." – Press Association

Cameron offers 'respect' agenda to Welsh Assembly

"Prime Minister David Cameron has offered a "respect" agenda for relations between the Welsh assembly and the UK parliament. The Tory leader, speaking at the Senedd in Cardiff Bay on Monday, said he would be willing to come before the assembly once a year to answer questions. He said in return, assembly government ministers should be willing to appear before Westminster select committees. Mr Cameron's visit to Wales follows a similar one to Scotland." – BBC

Cabinet to discuss plans for "Big Society"

"David Cameron and Nick Clegg will attempt to patch up their differences over the Tories' "big society" plans for Government when they discuss them around the Cabinet table. The Prime Minister and Deputy Prime Minister will underscore their commitment to the civil society agenda at a Number 10 meeting with community leaders from around the country." – Press Association

William Hague goes on the charm offensive as he meets counterparts at major EU summit Daily Mail

Nick Clegg poised to take his place in the Commons next to David Cameron

Picture 20 "David Cameron and Nick Clegg will sit shoulder-to-shoulder on the Government frontbenches. Frantic talks have thrashed out the Commons seating plans for the first coalition Government in 65 years. Mr Clegg and his Lib Dem ministers will take their seats with Tory colleagues on the traditional Government frontbench to the right of the Speaker. And sources confirmed last night the Deputy PM will be beside Mr Cameron if both are there at the same time." – The Sun

Private hospitals ready for business after Tory pledge

"Private hospitals are expecting a rise in business if, as expected, the Conservatives go ahead with their promise to scrap Labour's waiting- time targets. Andrew Lansley, the health secretary, has pled-ged to scrap Labour's NHS targets, including the maximum 18-week wait for treatment, replacing targets with outcome measures of care." – FT

Steve Richards: David Cameron's big tent is even bigger than Tony Blair's

"First we had Tony Blair's big tent. Now we have David Cameron's even bigger tent… Building a big tent is clever politics but only for a short period of time. New Labour's big tent started to empty fast when big storms erupted around it and the inhabitants could not agree how to respond. By the end there were not enough exits to cope with all those who wanted to leave." – Steve Richards in The Independent

Philip Stephens: Cameron must think again on Afghanistan FT

Jon Cruddas: Hand on heart, I do not want to be Labour leader

"Since the election many people have urged me to stand for the leadership of the party. I have been humbled by the enthusiasm people have shown for my possible candidacy. I have given it serious thought. The role of leader is one of the greatest honours imaginable – but it is not a bauble to aspire for. It is a duty to fulfil. I do not feel that I am in a position to deliver on the hopes and expectations that will be placed in the next leader." – Jon Cruddas in The Guardian

> Yesterday's LeftWatch: Jon Cruddas will not stand for Labour leader

David Miliband: The Blair-Brown era is over

Picture 10"New Labour did fantastic things for the country, from the NHS to civil partnerships to Northern Ireland. We should have been more proud of our record and more humble about our mistakes. But the Blair-Brown era is over. We learn from past success; we benefit from it; but we don’t live in the past." – David Miliband in The Times

> WATCH: David Miliband declares that "the Blair/Brown era is over" as he officially launches his Labour leadership bid

Ed gains ground in battle of the Milibands after David muddles through unconvincing speechDaily Mail

The Times signals a note of scepticism about rafts of new peers

"Now there are plans to create more than a hundred further peers to fulfil the terms of the coalition between the Conservatives and the Liberal Democrats… Both the Tories and the Lib Dems came into power with the promise of modernising and downsizing government. Instead, the exisiting plans signal an expansion of the upper classes. The irony of the deal to remake the Lords in the image of the Commons is that it eloquently makes the case for a different kind of change: the need for a streamlined and properly elected Upper House." – Times editorial

Cameron in no hurry to reform LordsFT

BA wins last minute fight to block today's strike The Sun

Which minister has the run of which grace-and-favour residence?

Picture 21 "Mr Cameron, as is customary, awarded himself Chequers, the country retreat of Prime Ministers since Lloyd George took up residence there in 1921. But it was a trickier proposition to find a place for Nick Clegg. In a compromise that may test the Lib-Con relationship, the Liberal Democrat leader and Deputy Prime Minister is to share a house with William Hague, the Conservative Foreign Secretary. The strain of being under one roof at Chevening may be alleviated by having 115 rooms to divide between them. The complicated sub-let will work, aides say, because Mr Hague will be abroad on government business so often. This leaves George Osborne, the Chancellor, with Dorneywood, the 21-room house where John Prescott was photographed playing croquet with his aides when he was in charge of the country while Tony Blair was abroad." – The Times

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