UK To Adopt Australian Voting System

The Queen announced in the Speech from the Throne , which represents the policies of the the new Tory Lib-Dem Government, that MP's would be elected on an AV (preferential) system. Constituencies would be of equal size and the number of MP's would be reduced. The Upper House would consist entirely of "peers" (senators) elected on a proportional system. Just like in good old Oz. Will it shake the class system though? As Eliza Dolittle said,"Not bloody likely.")