London has been dubbed by some in the media as the 'global capital of libel tourism' and there has been a long-standing campaign from journalists and scientists to change the current law.
"Legislation will be introduced to protect freedom of speech and reform the law of defamation," the Queen said.
In 2010, Channel 4 insurer Hiscox backed a reform to libel laws after it supported the broadcaster in a case brought by Matthew Fiddes relating to its documentary The Jacksons Are Coming.
Author and science journalist Simon Singh also backed the campaign after being sued for libel by the British Chiropractic Association in relation to an article about chiropractic practice.
In response to the Queen's Speech, Singh said to his Twitter followers: "Major step forward. Massive credit to lots of folk, probably including you."
Journalist and lawyer David Allen Green added: "One more heave needed for #LibelReform - let's all now watch the bill's progress like hawks."
Author Jon Ronson later quipped: "Our defamation laws have been like the Feudal system so this is the best news. Ha, all you libel tourists I'm afraid to name."