As Keir Starmer settles into 10 Downing Street, all eyes will be on the King’s Speech next week to discover the priorities of the new Labour government .
The prime minister has already announced his cabinet , as well as ministerial appointments like Emma Reynolds as pensions minister .
Chancellor Rachel Reeves will be busy preparing for the autumn Budget , which should give us an idea of how our finances could be affected .
Reeves has said she will reveal the date of the Budget this month - it’s highly likely to be in September or October.
But before that happens, King Charles will take part in the state opening of parliament. The King’s Speech , written by the government, sets out the legislative agenda for the political year ahead.
We explain when the speech will happen, and what’s likely to be included.
What is the King’s Speech?
The King’s Speech sets out the government’s priorities for the year ahead. It includes a number of proposed laws and other announcements.
It is then debated in the House of Commons, followed by a vote. This vote is normally seen as symbolic, and the government is highly unlikely to lose due to its large majority.
When is the King’s Speech?
The King’s Speech will take place on 17 July. The state opening of parliament ceremonies begin at 9.30am, with the King’s Speech taking place in the House of Lords at 11.30am.
What is likely to be in the King’s Speech?
We could see a real mix of legislation featured in the King’s Speech.
The Institute of Government, a think tank, said: “Legislation to nationalise the railways and reform planning are both expected, but could the government spring some surprises? Will there be any Conservative policies – such as the smoking ban – that Labour might resurrect?”
The speech, however, may come too soon to include a complete Pensions Bill . Kate Smith, head of pensions at Aegon, says: “It seems too early to include a new Pensions Bill at this stage. It’s more likely to be one for next year, once the Labour government, with a new pensions minister, has had time to undertake its promised ‘pensions review’.”
One big change, already legislated for by the previous government, but not yet implemented, is the enhancement of auto-enrolment, which will see the minimum age reducing from 22 to 18.
Smith adds: “Rachel Reeves, in her first major speech as Chancellor (8 July), has given some indication of what we may expect in the King’s Speech, including its use of pension scheme assets to support the UK’s growth agenda. This, perhaps linked to a new National Wealth Fund, is one to look out for, although further consultation will be needed with the pensions industry before legislating.”
The King’s address is additionally expected to include legislation on establishing Great British Energy , plans to build more homes and the foundations of NHS reform. Labour might also bring back policies that were dropped by the Conservative government, including the ban on no-fault evictions.
Smith says: “The new Chancellor has a big focus on building more houses. Housing policy is becoming increasingly intertwined with pension policy and people’s finances in later life, with the assumption that most people will be mortgage-free homeowners by the time they retire, now sadly outdated.
"The lack of supply and affordability of housing means more people are likely to be renting in retirement, and as such, are less likely to have a financially comfortable retirement.”
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