The 54th Parliament of the United Kingdom continues its existence. It will either be automatically dissolved by the Septennial Act 1715 - giving a General Election on June 3rd 2010 - or an earlier dissolution will be effected by the use of the Royal Prerogative (by convention - upon the advice of the Prime Minister).However last week it was 'prorogued'. All outstanding bills (save those which Parliament agreed to 'carry over') and motions from the 2008-09 session are terminated.
The new session will begin on Wednesday - when the Queen will come to Parliament to deliver the 'Queen's Speech'.
A factsheet on Prorogation can be found here.