In the speech he discuss the common strands in British and American thought, at the heart of which he says "is a powerful and everlasting idea of liberty and of rights". The difference between American "Constitutional Sovereignty" and British "Parliamentary Sovereignty" is discussed. Recent changes such as that in the role of the Lord Chancellor and the establishment of the UK Supreme Court are outlined and arguments about establishing a British "Bill of Rights and Responsibilities" are rehearsed.
Well worth a read - and for students (and lecturers) of Constitutional Law, some useful quotes from Paine; Washington; Jennings; Irvine of Lairg; Gladstone and Montesquieu. The full text is available at http://www.justice.gov.uk/news/sp130208a.htm