U.K.’s Labour Government Maps Out Plan to Prioritize Economic Growth in King’s Speech

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U.K.’s Labour Government Maps Out Plan to Prioritize Economic Growth in King’s Speech
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Starmer said the legislation announced in the speech would “create wealth for people up and down the country” by spurring economic growth.

King Charles III reads the King's Speech next to Queen Camilla at the State Opening of Parliament in the House of Lords on July 17, 2024, in London, England. Charles delivers the speech setting out the new Labour government's policies and proposed legislation.ritain’s new Labour Party government promised to calm the country’s febrile politics and ease its cost-of-living crisis as it set out its plans for “national renewal” at the grand State Opening of Parliament on Wednesday.

In a written introduction to the speech, Starmer urged patience, saying change would require “determined, patient work and serious solutions” rather than easy answers and “the snake oil charm of populism.” Economic measures included tighter rules governing corporations and a law to ensure all government budgets get advance independent scrutiny. That aims to avoid a repetition of the chaos sparked in 2022 by then-Prime Minister Liz Truss, whose package of uncosted tax cuts rocked the British economy and ended her brief term in office.

The speech said the government “recognizes the urgency of the global climate challenge” — a change in tone from the Conservative government’s emphasis on oil and gas exploration. As well as increasing renewable energy, it pledged tougher penalties for water companies that dump sewage into rivers, lakes and seas.

There was no mention of lowering the voting age from 18 to 16, though that was one of Labour’s election promises.

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