How Did Business Groups Respond To The Queen’s Speech - Ts Partners
by Liz Seyi Digital marketing managerWith the latest State Opening of Parliament
taking place amid considerable economic uncertainly brought on by such factors
as escalating inflation, cost-of-living pressures, and the continuing war in
Ukraine, it is fair to say plenty of eyes were on this year’s event, including
from UK business.
Ultimately, the Queen’s Speech – which for the
first time, was delivered by the Prince of Wales – prompted a mixed response
from business groups.
What did key business players have to say
about the Government’s plans?
As is customary, the 2022 Queen’s Speech set out
the UK Government’s agenda for the new parliamentary session. The speech
outlined a legislative programme comprising some 38 bills, including an
Economic Crime and Corporate Transparency Bill, which the trade body UK Finance
described as “critical in helping to address money laundering and the growth in
fraud and scams, which are now the most prevalent type of crime in the UK”.
As reported by the magazine Business Matters,
UK Finance also had warm words for the new Financial Services and Markets Bill,
stating that it provided the opportunity to “tailor” regulations and increase
competitiveness in the financial services sector in the wake of Brexit.
The Treasury added that the bill would also
protect consumers’ access to cash by ensuring withdrawal and deposit facilities
were available.
Other key proposals included the more frequent
revaluation of business rates “based on more accurate data”, as well as support
for renewable energy and energy security.
Also included in the Queen’s Speech was a pledge
to complete the establishment of the UK Infrastructure Bank, drawing upon a
financial capacity of some £22 billion to “support growth, improve connections
across the country and help level up the UK whilst supporting our transition to
net zero by 2050”.
Those particular plans won the backing of the IoD
and the GMB union, the latter declaring it a “great opportunity to stop UK
renewables jobs going overseas.”
But not everyone was full of praise for the
Government’s proposals
Lest the above gives the impression that everyone
in UK business approved of the contents of the Queen’s Speech, it is important
to point out that was not the case. For example, there was a mixed reaction to
proposals to provide local authorities with enhanced powers to bring empty
premises back into use and initiate rental auctions of empty commercial
properties.
Those measures would be contained within a
Levelling Up and Regeneration Bill, and UKHospitality chief executive Kate
Nicholls said that “if properly considered and scrutinised”, such a plan could
make a “huge difference in rejuvenating empty properties and reviving high
streets”.
However, Melanie Leech, chief executive of the
British Property Federation, was not convinced, arguing that such “political
gimmicks” were “not the solution and will deter rather than encourage
investment into the areas where it is most needed”.
Meanwhile, the Royal Institution of Chartered
Surveyors called the proposal “blunt”, and in a separate comment, expressed its
disappointment that the Government had “sidelined” bolder planning
reforms.
The professional body added: “We have supported
root and branch planning reforms and now look forward to seeing where the
Government’s level of ambition for a reformed planning system is.”
Finally, what about the heightening pressures on
many Britons’ ability to pay their bills? A lack of further help here was a
source of frustration for some observers, such as Sharon Graham, general
secretary of the Unite union, who said that “we are in the middle of a
cost-of-living crisis and a recession is looming”.
Challenges to ‘UK plc’ persist, but we can
help and guide you through it
As the above sets out, there were reasons to both
like and dislike this year’s Queen Speech. But whatever the concrete
consequences of the Government’s latest measures may be for your own
organisation, it is of critical importance that you benefit from all the expertise
and support you need with your tax and accounting responsibilities.
This is precisely what we can provide here at TS
Partners. To learn more about the business support, digital solutions, and VAT advice in Plymouth, Wellington
or Newton Abbot that your firm can benefit from when you place your trust in
our professionals, please don’t hesitate to give us a call or send us an email today.
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Created on Jul 23rd 2022 04:05. Viewed 142 times.