Some reaction to the King’s Speech, setting out some objectives for the new Labour government;
THE PENSIONS REGULATOR
Nausicaa Delfas, Chief Executive of The Pensions Regulator said: “The millions of people saving for a pension deserve the system to work as best as it can to give them security and value in retirement. We welcome a new pensions bill and will work with government to make sure any reforms not only deliver value for savers but could also grow the UK economy too.”
BROWNE JACOBSON
Carly Caton, (ABOVE) Partner specialising in commercial healthcare at UK and Ireland law firm Browne Jacobson, said: “Stating an ambition to move the dial from a curative to preventative healthcare system is exactly the type of bold thinking we need if we are to address failures in the NHS. The potential benefits are vast – healthier populations, reduced treatment costs, and a more proactive approach to health and wellbeing.
“The progressive smoking ban and limits on branded vape products is a solid step in the right direction, but we need to go much further and faster by learning from other parts of the world with advancements in this area.
“In Australia, there’s a huge focus on healthy lifestyle and education within school, which instils healthy habits from a young age to set the stage for lifelong preventative care behaviours.
“Canada and Singapore are further examples demonstrating proactive approaches to public health with an emphasis on preventative measures such as immunisations, screenings and pre-natal care, while the Japanese government runs public awareness campaigns and health screenings to target specific populations at higher risk for certain diseases.
“The UK government should explore alternative funding mechanisms, such as public-private partnerships or health impact bonds, to invest in innovative preventative care initiatives that can generate huge cost savings in the long run by reducing the burden of chronic diseases on healthcare systems.
“Collaboration between healthcare stakeholders should also be encouraged to develop regulatory frameworks that support the delivery of preventative care services while ensuring patient safety and quality of care.
“At the same time, emerging technologies like artificial intelligence can be harnessed to drive productivity and enhance treatments. A commitment to a strengthening safety frameworks is welcomed and the UK must now be willing to take a lead in working with international partners to develop a global approach that balances regulation with innovation.”
CBI
Rain Newton-Smith, CBI Chief Executive, said:
“The King’s Speech sets out a programme of big choices and bold moves needed to deliver a shift in gear for the economy. Reforming planning systems, speeding up approvals for major infrastructure projects, harnessing the potential of data and promoting a more joined-up approach between local and national government can give businesses the confidence they need to unlock investment.
“With firms continuing to highlight access to labour and skills as a barrier to growth, addressing long-term inactivity and expanding the Apprenticeship Levy to offer a wider range of skills training can provide vital momentum to the economy. But the key to turning the government’s legislative agenda into a roadmap for sustainable growth will be a partnership of collaboration with industry. While delivering secure, well-paid jobs is a shared objective for business and the government, space for meaningful consultation with industry on the details will be key to avoiding unintended consequences.
“With the economy beginning to pick up steam, what’s needed now is a relentless focus on delivery by deploying the capability and capacity of industry to turn these measures into swift and bold action.”
PHOENIX GROUP
Andy Briggs, CEO of Phoenix Group, responds to the King’s Speech:
“I hope that the next steps the government takes will include a timeframe for implementing the broader pensions review and that it will be announced sooner rather than later.
“This should include both the private and state pension system to ensure it is fit for purpose and a plan for increasing auto-enrolment minimum contributions should be part of this. People are at risk across the UK of thinking they are saving at the right rate for their future when they are not. Saving at the statutory minimum isn’t enough. The single biggest lever we can pull to secure savings adequacy is raising minimum contributions, which we’d like to see the government move towards as part of an adequacy review.”
SSP
IFoA
Responding to the King’s Speech at the State Opening of Parliament (17 July 2024), Kalpana Shah, President of the Institute and Faculty of Actuaries (IFoA) said:
“Six years on from Sir John Kingman’s independent review of the Financial Reporting Council (FRC), the inclusion of a Draft Audit Reform and Corporate Governance Bill in today’s King’s Speech is an important development for the future of actuarial regulation. We await its publication with interest to see how the regulatory framework for actuaries will be affected, as well as the proposed legislative timetable. We welcome the opportunity to help shape a clear, sustainable and proportionate regulatory framework which serves the public interest and we look forward to continuing to work closely with the FRC to this end.”
KENNEDYS
Deborah Newberry, (ABOVE) Corporate Affairs Director at Kennedys, reacting to the absence of an AI bill in the King’s Speech.
“Developing AI responsibly is one of the most significant global issues of today. Therefore, some may be surprised not to see an explicit bill to regulate AI. While the King indicated ‘appropriate legislation’ to regulate the AI sector would be on the cards, might this gap indicate that ministers have heeded the previous government’s approach ‘not to rush to regulate’? Given the Prime Minister’s manifesto promises, businesses will need to monitor the policy landscape for clues about when the legislation is ready to go.
“The concern of many is that tougher regulation could stifle innovation, and that is the challenge the government faces: striking the right balance between providing the necessary protection and maintaining public trust and confidence, while at the same enabling growth. However, the risks associated with AI cannot be ignored and need to be understood and mitigated alongside the potential gains.
“The EU AI Act, which will come into force later this year, has further highlighted the need for clear, consistent and coordinated policy that fosters development and uptake of safe and trustworthy systems.
“Without a common language for AI governance, those trying to build solutions across a global business when regulation is not aligned are likely to encounter trip-hazards for those in product development as well as leadership.
“For insurers, the extent to which corporates around the world are currently exposing their firms to AI risk – including regulatory risks – will be important to understand. Insurers will be defining their strategies around this fast-evolving risk landscape, including with regard to building out their underwriting requirements and developing creative AI services.
“AI also potentially introduces a whole new class of risk that will impact existing lines of insurance, including professional and employers liability, cyber, fraud and D&O, depending on the AI’s use case. Innovative insurance products to cover AI-related risk are already emerging, designed to address challenges such as data privacy concerns and algorithmic bias. Looking forward, insurers, alongside other actors including policymakers, can help secure a balanced approach that allows business and society to harness AI’s potential while safeguarding against its harms.”
AURORA CAPITAL
George Holmes, Managing Director of business funding specialists Aurora Capital said: The message that came out of the King’s Speech loud and clear is that growth remains the new Labour government’s priority. While this should be music to the ears of most business owners, there weren’t many specifics to get them excited.
There was no legislation to tackle late payments, a feature of the manifesto that could make an immediate difference to small businesses struggling to get paid on time. Another notable absence was anything on the promised business rate reform, which could help revive our struggling high streets.
On a positive note, the ambitious planning reform should signal good news for UK construction businesses. The new Employment Rights Bill should also be welcomed; however, there is a fear it could lead to higher employment costs for small businesses in the long run.
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