King’s Speech: Welcome measures to boost business but gaps remain – Chamber
Business leaders in Greater Birmingham have broadly welcomed some of the measures announced in yesterday’s King’s Speech – but insist gaps remain.
The speech gave an outline of 37 bills ministers want to pass in the next parliamentary session.
At the top of the agenda for business was a Small Business Protections Bill which will increase penalty interest for companies to fail to pay suppliers on time, a European Partnership Bill designed to strengthen ties with the EU, and a Regulating for Growth Bill which will allow for pilot schemes to boost innovation in areas like defence technology and AI-controlled ships.
New transport powers were also trailered – including the Northern Powerhouse Rail Bill regarding a proposed new Manchester to Millington line, and a Civil Aviation Bill to support airport expansion.
Greater Birmingham Chambers of Commerce say these measures will be welcomed by the business community.
Deputy CEO Raj Kandola (pictured) said: “Following an eventful week in Westminster, the King’s Speech set out a notably cautious legislative agenda for the year ahead.
"Opening with warnings about an increasingly dangerous and volatile global context, the Speech understandably placed significant emphasis on security and defence, including commitments to strengthen the UK’s cyber and energy security.
“Proposals to deepen relationships with international partners, including the European Union, alongside legislation to tackle late payment practices and measures intended to help unlock innovation, will be welcomed by the business community.
“Similarly, commitments on education and skills - particularly reforms to special educational needs and disabilities provision, investment in apprenticeships, and action to address youth unemployment - are positive.”
However, the Speech contained no reference to business rates reforms, or measures to support firms facing rising cost pressures.
Emily Stubbs, head of policy at the GBCC, said: "Businesses will keenly await further detail on plans to unlock the benefits of airport expansion and road building, as well as measures aimed at attracting additional private investment into the UK.
“However, many firms will be disappointed by the absence of any significant, near‑term support for those facing rising cost pressures, which have been exacerbated by ongoing instability in the Middle East.
“Meanwhile, long‑trailed reforms to business rates, despite previous manifesto commitments, remain elusive.
“The Speech confirmed that the UK will take on the G20 Presidency and host the G20 Summit next year, with ambitions to drive global growth and reinforce international stability.
“But delivering global growth must begin at home, through measures to urgently reduce cost burdens and restore confidence among UK businesses.”
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