King’s Speech 2024: Key Takeaways

Today’s King’s Speech marked a significant moment for the UK as King Charles III outlined the Labour government’s ambitious legislative agenda under Prime Minister Keir Starmer. As a business leader I see these developments having substantial implications for businesses and workers alike.

Economic Growth and Stability

The anticipated Budget Responsibility Bill aims to introduce a ‘fiscal lock’, ensuring any major tax or spending changes undergo independent assessment. This is designed to prevent economic missteps and provide a stable economic environment. A direct nod to our Lettuce PM…

Housing and Infrastructure

 The Housebuilding and Planning Bill sets mandatory targets for constructing 1.5 million new homes over five years. This is crucial for addressing housing shortages and stimulating economic growth. Housing construction is a major driver of the economy, with a wide-ranging trickle-down effect on numerous sectors. When new homes are built, it stimulates demand in construction, professional services, recruitment, manufacturing, retail, and services, creating jobs and generating income. This ripple effect extends beyond the immediate construction site, as new homeowners purchase furniture, appliances, and other goods, further boosting economic activity.

Investment and Pension Reforms

The National Wealth Fund Bill and Pension Schemes Bill are geared towards attracting private sector investment and consolidating pension pots, potentially increasing retirement savings by over £11,000 for the average earner.

Workers’ Rights and Employment

Employment Rights Bill, part of the ‘New Deal for Working People,’ proposes banning zero-hour contracts, ending ‘Fire and Rehire’ practices, and enhancing statutory sick pay and parental leave from day one of employment.

We are keeping a very close eye on developments in this area and fully support improvements for all workers’ rights, however, experience has shown that poorly curated legislation can have serious detrimental “un-intended consequences” for businesses and employees alike.

Public Ownership and Energy

The Passenger Railway Services Bill aims to bring train operators into public ownership, while the Great British Energy Bill will establish a publicly-owned energy company to manage clean power projects. These initiatives are designed to save money, reduce emissions, and promote energy independence. On a personal level I know that many of us struggle when trying to get around the country for work! So I hope that we see some improvement in this area! (See how I have ranted about Avanti…)

Environmental and Water Management

The Water (Special Measures) Bill introduces strict measures against failing water companies, including personal liability for executives and severe fines for non-compliance. Living and working in a coastal city I can categorically confirm reform in this area is needed; currently investment seems to be money down the drain… (sorry).

Taking the Brakes off Britain

Central to this speech was the government’s resolve to “take the brakes off Britain,” aiming to unleash the country’s potential through these comprehensive reforms. This agenda underscores a commitment to fostering economic growth, enhancing public services, and implementing progressive changes across multiple sectors.

I for one can’t stress enough… bring it on. Businesses across the country, in every sector, are frustrated with minimal (or zero) growth in the last 12-24 months. I am please, and excited, to see a return of HOPE in our Government and the country’s future.

These legislative priorities indicate a robust approach to transforming the UK’s socio-economic landscape, aiming to create a more equitable and prosperous society.

As always, the Liquid Friday team and I will do all we can to keep you informed and ahead of the curve, ensure you follow us in some way to receive useful and practical updates on all of the upcoming legislation.