New laws expected to be in the King's Speech

"Sir Keir Starmer has made much of his efforts to reset post-Brexit relations and forge closer economic ties with the EU without committing to rejoin the single market or customs union. The prime minister is planning legislation to allow the UK to adopt EU single market rules in certain areas such as food standards."

"Following criticism from some Labour MPs, the prime minister may introduce some bills which intend to target the cost of living crisis Welfare cuts - The government is expected to make a fresh attempt to reduce the amount spent on welfare, after it was forced by its own MPs to water down a package of cuts. This bill would restrict some benefits, including banning under 22s from claiming incapacity benefits."

"In October 2024, Chancellor Rachel Reeves rebranded the previous government's National Infrastructure Bank as the National Wealth Fund, with the aim of stimulating private sector investment in infrastructure projects. The government will now seek to legally establish the fund in statute, giving it clearer, legally defined powers and purpose."

"The government is planning a major shake-up of City of London financial regulation. The plans include merging the Payment Systems Regulator into the Financial Conduct Authority and reforming the Financial Ombudsman Service, according to The Financial Times."

Charles III will deliver the King’s Speech outlining planned laws for the next Parliamentary session. The government intends to strengthen economic ties with the EU while not committing to rejoin the single market or customs union. Legislation is expected to allow adoption of EU single market rules in selected areas such as food standards. Measures aimed at addressing the cost of living crisis may be introduced following criticism from Labour MPs. The government is expected to pursue further welfare reductions, including restricting some benefits such as banning under 22s from claiming incapacity benefits, with additional disability benefit changes later after the Timms Review. The National Wealth Fund Bill is expected to establish the fund in statute to support infrastructure investment. A Financial Services Bill is expected to reform City regulation by merging the Payment Systems Regulator into the Financial Conduct Authority and changing the Financial Ombudsman Service. A Public Procurement bill is also expected to focus on British goods and services.

Read at www.bbc.com