King's Speech pledges to secure economic growth

The first King's Speech since Labour's victory in the General Election saw the new government pledge that securing economic growth would be its fundamental mission.

King Charles III delivered the 2024 King's Speech at the State Opening of Parliament and announced plans to accelerate housebuilding and high-quality infrastructure through planning reform.

In the Speech, the government also pledged to:

• Reform the Apprenticeship Levy.
• Establish publicly owned Great British Energy.
• Bring train operators into public ownership.
• Remove the VAT exemption for private school fees.

Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said:

'The government's clear intention to speed up the planning system for large scale infrastructure can feed that business confidence, if it can be delivered. Measures to increase business resilience, reform of the apprenticeship levy and legislation to support sustainable aviation fuel could also boost the economy.

'There are still big issues that need to be addressed. Improving our trade relationship with the EU will not be straightforward, and there will need to be detailed consultation with business on the Plan to Make Work Pay.

'But there is much in today's speech which shows the voice of business has been heard and that government is introducing measures that benefit firms and help unlock investment.?

'We want to work in partnership with the government to make this happen and shift the economy out of first gear to get it motoring again.'

Internet links: GOV.UK BCC website