What does the PM mean when he says 'I get it'?

Prime Minister David Cameron. Photo: Reuters

"I get it," says David Cameron in answer to the very public thumbs-down his Government received in the local elections. But what exactly does he get? We should be able to discern some signs of that in the Queen's Speech tomorrow.

Certainly the Prime Minister seems to have 'got' some of the concerns of his own backbenchers. Moves to legalise gay marriage are being put on the back burner.

It seems that legislation paving the way for the reform of the House of Lords will be included but possibly in a diluted form. Many Tory backbenchers had spoken out against the measure, saying that in hard times, it should not be a priority. It'll be a disappointment for the Liberal Democrats but one that their leader Nick Clegg signalled today he could live with.

A bill paving the way for more regulation of the banks is expected to be to be included - the aim would be to separate their investment and high street businesses.

There's also likely to be a bill giving shareholders a bigger say in executive pay and cutting red tape for businesses. Another measure to watch out for is a bill making it illegal to drive while under the influence of drugs.

The Prime Minister will hope that he's found a middle way to keep backbenchers, on both sides, on side for now.