King Charles used the King’s Speech to outline a government agenda centred on “economic security”, with a strong focus on using public investment to drive growth and attract private capital into the UK economy.
In the speech delivered at the State Opening of Parliament today (13 May), the King said the government believed the UK’s economic security depended on “raising living standards in every part of the United Kingdom”.
He added: “My Ministers will support measures that maintain stability and control the cost of living. They will use public investment to shape markets and attract further private investment.”
The speech also pledged to “deploy the power of an active state in partnership with business” and pursue reforms designed to support “higher growth and a fair deal for working people”.
The government signalled that infrastructure and energy projects would form a key part of that strategy.
Planned legislation includes measures to support airport expansion, roads and rail projects, renewable energy and a new era of nuclear generation.
The King said: “The United Kingdom’s economic security depends upon world-class infrastructure.”
Among the projects referenced were the Lower Thames Crossing, Northern Powerhouse Rail and measures to safeguard domestic steel production.
Pension industry aligns on UK growth with Mansion House Accord
The speech also highlighted plans to strengthen trading relations with the European Union, which the government said were “vital” for raising economic growth and lowering prices.
Alongside infrastructure and industrial policy, the government pledged reforms aimed at supporting businesses, including legislation to tackle late payments and reduce “the burden of unnecessary regulation through innovation”.
Commenting on the speech, Maike Currie, VP Personal Finance at PensionBee, said: “Just as notable as what was included was what was missing.
“We are unlikely to see another major flagship private pensions bill this year because the Pension Schemes Act 2026 has only just received Royal Assent. Instead, the focus now shifts from major reform to implementation.
“The real work begins with turning legislation into practical outcomes for savers. Consultations on guided retirement solutions and Value for Money frameworks are expected this year, with full implementation targeted by 2028.
“These reforms could materially change how people experience retirement, particularly those entering drawdown without financial advice.”
Charlotte Kennedy, chartered financial Planner at Rathbones, added: “The King’s Speech isn’t a Budget, so it won’t change your finances overnight. What it does do is signal where ministers want to focus – from housing to welfare and work.
“But this year’s speech comes with a caveat. It has been overshadowed by serious questions over the prime minister’s future after hefty local election losses, making today’s agenda look fragile.
“Any change at the top could leave large parts of it redundant, with a new leader likely to pursue a different course.”
Leave a comment