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August 2024 | Labour's Ambitious Agenda Revealed in King's Speech
Labour's landslide victory has signalled a wave of promised changes to the country's governance, many of which were unveiled in the King's Speech at the State Opening of Parliament. The speech announced around 35 bills, including the Pension Schemes Bill, Planning and Infrastructure Bill, Great British Energy Bill, Renters Rights Bill, National Wealth Fund Bill, and the Better Buses Bill.
The Prime Minister, Sir Keir Starmer, detailed in an introduction to the King's Speech how his Government plans to focus on boosting Britain's economy, including implementing a plan to prevent the kind of chaos that ensued after the damaging mini-
The Prime Minister said: "This King's Speech sets out a clear destination for our country. Our plan starts, as it must, with our economy. The economic chaos working people have endured since the mini budget will never happen again with my Labour government. We are introducing a Budget Responsibility Bill to protect taxpayers' money and people's living standards. From that foundation of economic stability, we will generate higher economic growth in every community."
He also highlighted how planning rules will be reformed "to build the homes and infrastructure the country desperately needs", and workers' rights are also in the frame for change, "so every person has security, respect and dignity at work".
The move towards cleaner energy is set to get a boost with the creation of a new publicly owned energy company which "will create a new industrial strategy and invest in cleaner, cheaper British energy; and we will harness the power of artificial intelligence as we look to strengthen safety frameworks".
He also talked about making sure decisions were being made in Government by people who have "skin in the game" which will help local communities directly.
He added: "Democratic decisions are best made by people with skin in the game, so my government will push power out of Westminster and empower local leaders to deliver for their communities. Local growth plans will make sure that every community can seize the opportunities ahead of us and every person can benefit from higher growth."
THE PENSION SCHEMES BILL: KEY CHANGES EXPLAINED
Among the key bills introduced was the Pension Schemes Bill. This legislation aims to automatically merge small pension pots into a single account, thereby cutting operating costs for members and enhancing overall performance. Additionally, it sets forth provisions to ensure that all pension savers receive good value for their money from pension providers.
Pension scheme trustees will also be required to offer retirement income products to pension savers when they reach retirement age, which should help people to make the right decision about how they use their money when the time comes. The bill also aims to change the definition of a terminal illness so pension scheme members can get a lump sum payout earlier.
The response to the plans -
"However, the industry shouldn't just fixate on building new products. Investment is needed into how the options are communicated to people. Retirement products are essentially pointless if people are not informed about them or engaged with them. Supporting people in how to make choices now and on their retirement journey is crucial."
Mr Leandro also pointed out that the current level of defined contribution (DC) pensions is inadequate, but that the new bill makes no reference to this, or how to encourage people to save more for their future.
He added: "This is disappointing as it's clear people are not saving enough for retirement, and even with new initiatives around consolidation and value for money, people will still be left with inadequate pension pots unless they save more during their working lives. This is exacerbated by gender and ethnicity gaps, which frustrating do not seem to be covered in the bill and which is a significant concern in the current pension landscape."
THE RENTERS RIGHTS BILL
People who rent their property in the private rental sector will also see new protections come into force, creating what is being called a 'level playing field' in the rental sector. These include abolishing Section 21 -
Other measures will help to empower tenants to challenge unfair rent increases, which have been used in the past to effectively force someone from their rented home by pricing them out of it. New laws will also curtail rental bidding wars between agents and landlords.
Tenants will also have the right to request a pet, something that many landlords will currently not allow, and all landlords must consider this request and not unreasonably refuse it. This change will help those people who are renting but want to live with their furry friends, and previously may have struggled to find an accommodating landlord.
OTHER MEASURES MENTIONED
There were many other measures mentioned in the King's Speech, including the Employment Rights Bill, which will ban "exploitative" zero-
The setting up of Great British Energy will also move Britain towards being a clean energy "superpower" by 2030, according to the supporting documents to the speech. This should also help to lower energy bills for households for good over time. This entity would be publicly owned and will "boost energy security, create jobs and build supply chains in every corner of the UK", the Government said.
CONTACT US
There are many aspects of the King's Speech that will have an impact on your wallet over time, and we can help you to navigate where you will win and where you will lose. So, if you want to plan for your own or your business finances, then please get in touch with us on 01709 327 215 or via email at info@branagans.co.uk.
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