Cameron faces first PMQs since taking office

New prime minister expected to field questions on cutting the deficit and capital gains tax hikes.

Later today, David Cameron is to face his first Prime Minister's questions since taking office.

Harriet Harman, acting leader of Labour, is likely to grill him about the £6bn spending cuts announced for this year, a policy opposed by Labour.

From his own party, he may have to field questions on a planned rise in capital gains tax from 18 per cent to a rate similar to income tax. This could more than double the tax on the profits from second homes sales to 40 or 50 per cent.

Now that the Liberal Democrats are part of the coalition, Nick Clegg no longer gets questions. It is unclear how these two questions will be divided up.

As deputy prime minister, Clegg will replace Cameron when he is away, and will also face his own deputy prime minister's questions each month.