Circumstances have conspired to make this year's Queen's Speech one of the least relevant in modern times.

Parliament will spend the next few days with the usual lengthy debate about the government's legislative programme, covering health, welfare, immigration, education and other hugely important issues.

But the public's attention is simply not on whether the equality bill will give everyone "a fair chance in life" or whether a new national coastal footpath is created.

Instead the economy dominates British politics and will continue to do so in the run-up to the next general election.

The Labour government's decision to provide a £20 billion fiscal stimulus and increase public borrowing to a peak of 57 per cent of GDP has created a fundamental political divide between it and the opposition.

As a result the current recession, expected to be confirmed next month, is what matters most to voters.

In this context, the Labour government has sought to make as much of its programme as possible about matters related to the economy.

A savings gateway bill is planned in which the government will add to the savings of those on low incomes and additional legislation "to promote local economic development".

And a banking reform bill sets the stage for further reform of the regulatory framework which led to the demise of Northern Rock and has contributed to the credit crunch in Britain.

Is this enough? Not necessarily. The economy has rocketed upwards as the chief concern of members of the public, as pollsters Ipsos Mori revealed at their end-of-year review last night.

After a decade of investment in the public services, education and health are less pressing issues. In fact satisfaction with the NHS is at its highest level in over 20 years, which means the NHS reform bill and education and skills bill are unlikely to spark the public's imagination.

Civil liberties groups offer some interest points separate from the economic agenda. Identity cards, in particular, have attracted attention as the government allegedly tries to sneak them into immigration legislation. The Mail led with a 'Big Brother' warning on its front page today.

Even here, though, the government has watered down many of its plans – or left them out completely.

Most conspicuously absent was the communications data bill, announced in the draft Queen's Speech in May, which strengthened government powers to monitor people's use of the internet and create a national database.

The legislative programme outlined today does not contain the thematic coherence one might expect from what is, after all, Gordon Brown's second Queen's Speech as prime minister.

The PM has claimed "fairness" fits the bill, but that stretches the definition of 'theme' by quite some margin.

The difficulties encountered by the Conservatives are perhaps a reflection of this. They have an easy alternative line of attack, however.

Is this the legislative programme of a fresh new government, buzzing with ideas and a real reform agenda?

Or is this the legislative programme of a tired government, struggling to come up with original policies to drive itself forward into the next election?

The real answer from this under-the-radar Queen's Speech is: neither.

From a historic perspective, New Labour has proved keener than most governments to rely on legislation to solve its problems. Today further demonstrated that.

But the lowest number of sitting days scheduled for this year's parliamentary session reflects a changing attitude.

There's a limit to how many past bills can be updated, but the decision to only allow 128 days may also be influenced by the current nature of British politics.

In spite of today's plethora of bills, this is not one of the important Queen's Speeches delivered by the monarch.

While legislation remains important, it's in executive action – primarily on the economy - that the government will win or lose the next election.

Alex Stevenson