The newspaper, quoting sources and officials, said the measures could be introduced unilaterally in the Conservative-Liberal Democrat coalition's first budget on June 22 as part of plans to rein in a record budget deficit.

The G20 group of developed and emerging economies is due to discuss proposals for bank taxes next month, but the Conservatives have said they could be prepared to go it alone.

Conservative finance minister George Osborne will on Monday announce how government departments will make six billion pounds of savings this year as a signal of what is to come to bring down borrowing and reassure debt-wary financial markets.

Osborne is then expected to outline the scale of further cuts needed in his first budget, ahead of a detailed spending review later in the year. Tax rises, such as a possible hike in VAT sales tax, are also expected in the budget.

The Sunday Telegraph said the Queen's Speech, which sets out the new government's legislative program next week, will put deficit reduction and economic growth top of its policy list.

In a draft of the speech seen by the newspaper, the coalition also said it would seek a two-state solution to resolve the Israel-Palestinian conflict, closer ties between Pakistan and India and lasting stability in Afghanistan.

The draft also confirmed a pre-election Conservative pledge that parliament and the public would have their say on any future transfers of power to the European Union.