09 June 2014
The Queen’s speech 2014 alluded to creating a strong and stable UK economy through the continued efforts of the current government.
The Queen began her speech by outlining the current government’s aim of ‘[strengthening] the economy, [providing] stability and security … and [continuing] to reduce the country’s deficit, helping to ensure that mortgage and interest rates remain low’.
Giving her speech, which has been seen as being pro-business, she added that legislation will be introduced to help make the UK the most attractive place to start, finance and grow a business. The bill will support small businesses by cutting bureaucracy and enabling them to access finance.
The Small Business, Enterprise and Employment bill will give small business owners fairer access to compete for £230 billion worth of annual public procurement contracts. CBI’s Deputy Director-General Katja Hall commented that ‘successfully getting credit to our [SMEs] will underpin the recovery, so we support action to match firms with providers and there is merit in formalising and extending existing referral arrangements’.
Hall also added that the CBI is backing a ‘comply or explain’ system for payment terms of more than 60 days as ‘growing businesses rely on cash flow and are too often hampered by late payers’.
Legislation will be brought forward to give those who have saved discretion over the use of their retirement funds.
New legislation will require ministers to set and report on a deregulation target for each Parliament. The legislation will also reduce delays in employment tribunals, improve the fairness of contracts for low paid workers and establish a public register of company beneficial ownership.
Legislation will impose higher penalties on employers who fail to pay their staff the minimum wage. Measures will be brought forward to limit excessive redundancy payments across the public sector.
An updated Charter for Budget Responsibility will be brought forward to ensure that future governments spend taxpayers’ money responsibly as well as continuing to cut taxes in order to increase people’s financial security.