On Wednesday, the Labour Government set out the new parliamentary agenda in the King’s Speech – the first following their election victory, marking the start of a new parliamentary year.
Delivered by King Charles but written by the Government, the King’s Speech is a longstanding tradition where the monarch gives an overview of draft laws and other announcements.
The announcements focus on improving living standards, for Sir Keir Starmer’s “missions for national renewal”.
Highlights Affecting Accountancy & Business
Budget Responsibility Bill
The Office for Budget Responsibility will now assess any significant tax changes going forward, to prevent ministers from making unfunded spending commitments.
National Wealth Bill
This will establish a National Wealth Fund capitalised with £7.3billion to make investments across the country, in the hopes to bring in £3 of private sector investment for every £1 the government invests.
Employment Rights Bill
The new legislation will ban exploitative practices and enhance employment rights. This includes:
- Banning ‘exploitative’ zero hour contracts
- Ending ‘fire and rehire’ practices
- Make parental leave and sick pay available from the first day of employment
- Enhance the Statutory Sick Pay
- Improved rights for postpartum mothers
Draft Audit Reform & Corporate Governance Bill
This bill will establish the Audit, Reporting & Governance Authority (ARGA), replacing the Financial Reporting Council (FRC), introducing greater powers and modernising the regulatory system, thereby improving corporate governance and audit reporting standards.
Planning and Infrastructure Bill
This bill aims to expedite the housebuilding process by streamlining and accelerating the planning stage, promoting more efficient development.
Skills England Bill
The bill introduces a new skills body for England, comprising providers, unions, businesses and local authorities. It also includes reforms to and expansion of the Apprenticeship Levy.
Pension Schemes Bill
This bill introduces measures to enhance the value for money provided by pension schemes.
Digital Information and Smart Data Bill
This bill aims to improve data-sharing standards and systems concerning data verification services.
Cyber Security and Resilience Bill
This bill extends the regulation of digital services and enhances measures to improve cybersecurity.
Sustainable Aviation Fuel (Revenue Support Mechanism) Bill
This bill encourages investment in the production of sustainable aviation fuel, supporting the transition to more environmentally friendly aviation practices.
The King’s Speech in Full
You can read the King’s Speech 2024 in full here:
https://www.gov.uk/government/speeches/the-kings-speech-2024
Get in Touch
If you want to discuss how these draft bill announcements will affect you or your business, or if you need business advice, help with business accounting or support on tax, get in touch with our specialist accountants at James & Uzzell today to see how we can help.
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