What does the King’s Speech mean for business?

Property

The Renters’ Rights Bill is, according to the Institute for Government, designed to reform the rental market and abolish no fault evictions, an idea that had been somewhat watered down in the legislative programme of the previous administration. At this stage, not much detail is available and it is expected that more information will be provided by the Autumn.

Transport

Rail nationalisation is on the agenda, with services being taken back into public ownership when existing franchises expire. As the previous government had already taken some train operations under its wing, this feels more like a continuation of the existing direction of travel. The new government also plans reform to bus services and franchising. High speed rail between Crewe and Manchester is being prioritised, boosting connectivity in the North West of England.

Infrastructure, planning and investment

The government plans the creation of a National Wealth Fund to stabilise the economy and generate wealth, while establishing the publicly owned Great British Energy, which, according to The Guardian, will invest in renewables, particularly offshore wind. Its headquarters will be sited in Scotland. Another widely discussed aim of the new government is to push forward with housing and industrial development through a radical overhaul of planning laws.

Employment

Workers’ rights are set to be enhanced in new legislation, a policy that will have implications for businesses across multiple sectors. Some of the most eye catching elements of the package relate to restrictions on zero hours contracts, reconsideration of employee status and the rights of workers to ignore requests from employers outside working hours.

At this stage, much of the detail is yet to be seen and, of course, many of the proposals will be subject to scrutiny in the House of Commons and the House of Lords. We will keep you updated on specifics as they emerge.