Understand how the government's legislative plans might impact your business.
10 May 2022, 3 min read
The Prince of Wales set out the government’s priorities for new laws in the context of the rising cost of living and increasing cost of doing business. Whilst high-level ambitions to grow the economy and reduce regional inequality are welcome, firms will ultimately be more concerned about delivery.
Read the government’s full briefing on announcements in the 2022 Queen’s Speech
Key takeaways for business
The speech set out legislative changes to deliver flagship policy announcements:
- Energy security and net zero: the Energy Security Bill is welcomed and will deliver on announcements in the recent Energy Security Strategy and 10-Point Plan for a Green Industrial Revolution. Clarity on business models for new technologies and support for innovation will help unlock private sector investment and reduce costs over time
- Digital and data: in an increasingly digital world, government is introducing new regulation. Whilst the intention and ambition behind much of this legislation is in the right place, getting the detail right is critical to unlock investment and growth, rather than stopping it. The Queen’s Speech includes legislation already underway to keep people safe online (Online Safety Bill) and to improve cyber resilience and digital connectivity (Product Security and Telecommunications Infrastructure Bill); as well as new laws to protect data (Data Reform Bill) and create new competition rules for digital markets (Draft Digital Markets, Competition and Consumer Bill). Given the wide variety of proposed legislation announced today, the proof – as always – will be in the detail.
- Smarter regulation and procurement rules: Brexit is a significant opportunity to seize short-term benefits of divergence from EU rules (in certain areas) and to rethink how the UK can regulate better in the long-run. The Brexit Freedoms Bill will give government the power to set a new approach to regulation, in order to boost UK competitiveness. Meanwhile, the Procurement Bill offers
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