Prince Charles substituted the queen at the ceremony to officially reopen Parliament. The prince highlighted 38 new laws that the Houses of Parliament intended to pass within the new year.

The number of laws being passed will also include bills that have been carried over from the previous session of Parliament, which ended last month (April 2022).

Here is a simple summary of the main points.

The government is accelerating the UK’s transition to more secure, more affordable and cleaner homegrown energy supplies, followed by a £9.1bn package of support to help households with their energy bills. The government is also offering protection for consumers by extending the default tariff price cap – preventing suppliers from overcharging consumers and shielding approximately 22 million households. This new law will also establish the UK’s new Future System Operator, which will look at the country’s energy system as a whole.

Strengthening powers to tackle illicit finance, reduce economic crime and help businesses grow. The government will do this in multiple ways, such as cracking down on kleptocrats, criminals, and terrorists and creating stricter anti-money laundering rules. The government is committed to lowering costs for SMEs, introducing measures to streamline filing requirements to reduce red tape. 

Rebuilding trust in the UK’s audit, corporate reporting and corporate governance system. The UK government would like to rebuild trust in the UK’s audit, corporate reporting and governance system to ensure accountability for those with key roles within these systems. The goal is to increase the resilience and choice in the statutory audit market and reinforce the UK’s reputation as a world-leading destination for investment.

The government is promoting competition, strengthening consumer rights, and protecting households and businesses. The government will publish draft legislation to promote competition and enhance consumer rights. This will save the consumer’s hard-earned money, ensuring they receive better deals. The government will also crackdown on bad business owners who engage in practices such as subscription traps, fake reviews, and scams. 

Lastly, Reforming the UK’s data protection regime. Taking advantage of the benefits of Brexit, the government plan to create a world-class data rights regime that will protect businesses, boost the economy, and help innovate and improve the lives of UK citizens. This law will allow consumers and SMEs to have more control over their data and its use. 

You can find more in-detail information on the Queen’s Speech here. Alternatively, if you would like to understand more about how the new laws will affect your business, please contact us.  

Source: Gov.

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