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King's Speech 2024 - what it means for your money
There are 40 Bills the new Labour government intends to prioritise
Better worker's rights, strengthening pension investment and an energy overhaul were among the plans set out during the King's Speech today.
The speech forms part of the State Opening of Parliament and provides the Government with an opportunity to highlight priorities for this session of Parliament.
Here, Which? explains the main Bills which could have an impact on your money.
Improved worker’s rights
The government will ban 'exploitative' zero-hour contracts and end 'fire and rehire' practices through the Employment Rights Bill.
It will also make parental leave, sick pay and protection from unfair dismissal available from day one on the job for all workers. However, employers will still be able to operate a probationary period for new hires.
The Bill will also move to strengthen statutory sick pay by removing the lower earnings limit to make it available to all workers, make flexible working the default from day one for all employees and make it unlawful to dismiss a woman who has had a baby for six months after her return to work, except in specific circumstances.
The Employment Rights Bill will be introduced within the first 100 days of Labour's government.
The government said in addition to the Bill, it will deliver a 'genuine living wage' and will remove the discriminatory age bands to ensure every adult worker benefits.
- Find out more: maternity and paternity leave explained
Strengthening pension investment
The Pensions Schemes Bill is set to help those that save into a pension get better outcomes.
The governemnt said it's designed to increase the amount available for pensions savers and could help the average earner, who saves over their lifetime in a defined contribution scheme, to have £11,000 more in their pot.
The Bill will include a measure to help prevent people from losing track of their pension pots through the consolidation of defined contribution individual deferred small pension pots - something Which? had called in its Consumer Manifesto in the run up to the election.
It will also see the worst performing default funds cast under the spotlight as part of its value-for-money drive.
Occupational pension schemes will be required to offer a range of retirement income solutions under the plans, including default investment options, to members.
- Find out more: how to find lost pensions
Bolstered product safety rights
Through the Product Safety and Metrology Bill, the government will address high risk products, including e-bike and lithium-ion batteries, and introduce new responsibilities for those involved in the supply of goods, including online marketplaces.
The government said this will allow the UK to address modern day safety issues and ensure a ‘level playing field between the high street and online marketplaces’, where unscrupulous overseas suppliers are less able to place unsafe goods on the UK market through online marketplaces.
Which? called for legislation to update UK product safety laws in our Consumer manifesto, and has been warning consumers for years to be careful shopping on these platforms. We've uncovered everything from dangerous and illegal items to fire-risk heaters and unsafe toys being sold online that could put people's lives at risk.
We believe the government must ensure these new laws give online marketplaces clear legal responsibilities for keeping dangerous products off their sites that are backed up by tough enforcement, including heavy fines, when businesses fall short.
- Find out more: how to avoid dangerous products online
Greater protection for renters
The Renters' Rights Bill will introduce greater rights and protections for people renting their homes, including ending Section 21 'no fault' evictions and reforming grounds for possession.
It will allow them to challenge rent increases designed to 'force them out by the backdoor' and introduce new laws to end the practice of 'rental bidding wars' by landlords and letting agents.
Tenants will have the right to request a pet which landlords must consider and cannot unreasonably refuse and landlords will be able to request insurance to cover potential damage from pets.
The government will also extend ‘Awaab’s Law’ to the private sector. Currently, social housing landlords have to investigate and fix damp and mould in their properties within strict new time limits, following the death of two-year-old Awaab Ishak, who died from the presence of damp and mould in his home.
It will also introduce a new ombudsman service for the private rented sector to provide fair, impartial and binding resolution to both landlords and tenants and make it illegal for landlords to discriminate against tenants in receipt of benefits or with children when choosing to let their property.
It will also create a new digital private rented sector database to bring together key information for landlords, tenants, and councils.
The Bill will apply across England.
- Find out more: your rights when renting
Stengthened rights for homeowners
The Draft Leasehold and Commonhold Reform Bill will give homeowners greater rights, powers and protections over their homes.
It will enact the remaining Law Commission recommendations to bolster leaseholders’ fundamental rights to extend their lease and buy their freehold (enfranchisement), take over the freeholders building management functions (Right to Manage) and restrict the sale of new leasehold flats.
The government will regulate ground rent for existing homeowners.
It will apply in England and Wales.
Planning overhaul
The government wants to build 1.5m new homes in England, and overhaul the planning system to increase the number of properties being built, with a focus on affordable housing.
The Planning and Infrastructure Bill will streamline the planning process by modernising planning committees and increasing local planning authorities’ capacity to deliver an improved service.
It will also streamline the delivery process for critical infrastructure and reform compulsory purchase compensation rules to ensure that compensation paid to landowners is fair but not excessive where important social and physical infrastructure and affordable housing are being delivered.
It will mainly apply to England and Wales, with some measures extending to Scotland.
New energy regulator and water firm crackdown
Through the Great British Energy Bill, the government will set up Great British Energy - a publicly owned clean power company headquartered in Scotland, which will help accelerate investment in renewable energy such as offshore wind.
Legislation will be brought forward to help the country achieve energy independence and unlock investment in energy infrastructure and it will be UK-wide.
The Water (Special Measures) Bill will put water companies under tough special measures by strengthening regulation and begin the work of cleaning up our rivers, lakes and seas.
It will strengthen regulation to ensure water bosses face personal criminal liability for lawbreaking and give the water regulator, Ofwat, new powers to ban the payment of bonuses if environmental standards are not meant. There will also be a new code of conduct for water companies to hold board members and executives to account, and introduce new powers to bring automatic and severe fines. Water companies will also be required to install real-time monitors at every sewage outlet with data independently scrutinised by the water regulators.
The Bill will apply to England and Wales.
- Find out more: water bill price hikes explained, plus how to save money
Reforming transport
The Railways Bill will nationalise the railways, creating a new public body to run services once private contracts expire throughout Great Britain.
This will also include setting up a new passenger watchdog, the Passenger Standards Authority, to independently monitor standards and champion improvement and reforming the ticketing system to make it simpler for passengers and replace the current ticket types.
The government said primary legislation is required to initiate the change to public ownership and establish GBR, but it will begin delivering improvements for passengers straight away.
This Passenger Railway Services (Public Ownership) Bill will amend existing railways legislation so that appointing a public-sector operator is the default position rather than merely a last resort. It will be introduced 'swiftly' to ensure it can bring the first contracts back into public ownership as soon as possible.
The Better Buses Bill will give local authorities in England more powers over bus routes and the ability to set up their own bus companies. It will remove barriers that currently limit bus franchising powers only to metro mayors and remove the ban on publicly-owned bus companies.
- Find out more: 11 ways to save transport costs
Child welfare and private school fees
Through the Children’s Wellbeing Bill, the government will require free breakfast schools in every primary school and limit the number of branded items in uniform and PE kits to bring costs down for parents. It will apply to England.
During the speech, King Charles said measures will be brought forward to remove the exemption from Value Added Tax for private school fees, which will enable the funding of six and a half thousand new teachers.
Better budget forecasts and banking protection
The Budget Responsibility Bill will introduce a 'fiscal lock' to ensure that all significant tax and spending changes are subject to an independent assessment by the Office for Budget Responsibility (OBR).
The government said it would 'prevent those announcements that could resemble the disastrous Liz Truss ‘mini budget’ in 2022 which was not subject to an OBR forecast.
Meanwhile the Bank Resolution (Recapitalisation) Bill will stop the costs involved with failing small banks from falling to the taxpayer. It will allow the Bank of England to use funds provided by the banking sector to cover the costs.
What was missing?
The speech referred to the need to establish appropriate legislation to place requirements on those working to develop the most powerful artificial intelligence models, however there was no Bill to legislate for this.
The Prime Minister had also faced pressure before the King's Speech to announce the end of the two-child cap on child benefit, but nothing was mentioned.
