Key takeaways from The King’s Speech 2024

The package of bills will focus on growing the economy through better transport, more jobs and turbocharging building of houses and infrastructure – helping to make every part of the country better off. 

Prime Minister Keir Starmer said: “Now is the time to take the brakes off Britain. For too long people have been held back, their paths determined by where they came from – not their talents and hard work.

“I am determined to create wealth for people up and down the country. It is the only way our country can progress, and my government is focused on supporting that aspiration.

“Today’s new laws will take back control and lay the foundations of real change that this country is crying out for, creating wealth in every community and making people better off – supporting their ambitions, hopes and dreams.”

Here are some key highlights:

Make Britain a clean energy superpower

The Government is committed to establishing Britain as a clean energy superpower by 2030, aiming to reduce household energy bills sustainably over time.

A new bill will facilitate the creation of Great British Energy, a publicly owned clean-power company. This initiative will enhance energy security, generate jobs, and develop supply chains across the UK.

Additionally, legislation will be introduced to unlock investment in energy infrastructure, support the production of sustainable aviation fuel, and strengthen the powers of the water regulator.

Yselkla Farmer, CEO of BEAMA, the UK trade association for energy infrastructure and systems, said: "The establishment of GB Energy is a landmark decision, the first step towards reclaiming the UK’s position as a global net zero pioneer.  

“The new government is hitting the ground running with bold decisions to accelerate electrification, boost energy security and reduce household energy bills. The electrical products supply chain, represented by BEAMA, is the UK’s hidden net zero champion poised to deliver and supercharge UK economic growth. But we cannot scale up overnight. Whilst commitments have been made today, immediate action is required to mobilise public and private sector funding for the UK’s low carbon infrastructure and supply chain.  

“We look forward to hearing further details on the Government’s plans for the necessary acceleration in development of electricity networks, smart metering and low carbon electric heat and transportation. The longer we delay, the more expensive it will become, leaving consumers with higher energy bills and greater vulnerability to volatile wholesale energy shocks.  

“As a £14 billion industry with massive growth and export potential, BEAMA is looking forward to championing the electrical products supply chain as an active participant in the Government's Industrial Strategy Council. By working together with our members and government, we can unlock the full potential of this green revolution, driving innovation, creating jobs, and securing a sustainable future for generations to come.

“After today’s King’s Speech, the UK is back in the global race to net zero.”

Regulating the development of AI

The Labour Party's manifesto starkly contrasts with the previous Conservative government's approach, arguing that current UK regulators are not adequately equipped to manage the "dramatic development of new technologies" like AI, which often span multiple industries and sectors.

A Labour government will introduce ‘binding regulation’ for the companies developing the most powerful AI models, ensuring their safe development and use.

IET Head of Policy Stephanie Baxter comments: “The King’s speech has outlined the right priorities at the right time. It brings much needed focus on strengthening the UK in key areas such as innovation, whilst also ensuring fundamental regulation of fast paced technologies such as artificial intelligence. We welcome the introduction of the industrial strategy council and look forward to an opportunity to provide key evidence for consideration to cement the UK as a leading industrial nation. We recommend that the council considers key facilitators of success such as resilience, data standards, cyber security and skills. The policies outlined in parliament today must work together holistically and not in silo; a systems thinking approach to delivering changes outlined will ensure their success.

“The IET welcomes the new Government’s inclusion of an Energy Independence Bill. We hope that this will help accelerate the delivery of renewables infrastructure, meet the UK’s Net Zero targets, drive sustainable growth, strengthen energy security and resilience, and deliver high skill high paying jobs to every nation and region of the UK. The £8.3bn investment that Labour have recommitted via GB Energy will contribute to that if it is underpinned by a collaborative whole-systems approach to decarbonisation. That approach must consider generation and transmission infrastructure, energy demand, skills gaps, the role of alternative green sources such as hydrogen or fusion, and the future effects of the global climate challenge. This will require delivering substantial changes to how the UK approaches the energy system as well as close work with local, regional, and devolved governments. To maximise these benefits across government, a holistic approach to the energy system must be taken, we look forward to working closely with government departments to achieve this. If it is done correctly this legislation can accelerate the UK to the forefront of the energy revolution in Europe.”

Creating a new industrial strategy

The Labour Party’s manifesto outlined a comprehensive strategy to ensure that economic regulation fosters growth, attracts investment, encourages competition, benefits consumers, and facilitates innovation. A key element of this strategy is the introduction of a new industrial strategy and reforms to the planning system, aimed at simplifying the construction of laboratories, digital infrastructure, and gigafactories.

To fund these initiatives, Labour has proposed a national wealth fund valued at £7.3 billion. This fund is expected to allocate £1.5 billion for new gigafactories, £1 billion to expedite carbon capture deployment, and £500 million to support green hydrogen manufacturing. Additionally, the manifesto emphasised support for the AI sector by pledging to remove planning obstacles for new datacentres, thereby accelerating the sector’s growth.

The King announced the creation of an Industrial Strategy Council and emphasised that we need to “enhance Britain’s position as a leading industrial nation.”

Adam Sivner, a Managing Director in Houlihan Lokey’s Industrials Group, said: “The UK drastically needs a coherent and long-term focused industrial strategy. The country has a long-standing pedigree in various critical industries and remains a world leader in aerospace and defence, flow control, satellite communications technology, and electronic components, amongst others.

“Given such history, UK manufacturing has seen numerous businesses, such as Cobham, Ultra, and Meggitt, become acquisition targets for international strategics and private equity. Concurrently we are seeing significant investment in digitalisation and skilled labour on a global basis, which is making the UK less attractive to manufacture in.

“If the UK is to remain as a home to world leading manufacturers, then it will need a detailed investment strategy to help support these businesses in competing on the global stage and ensure they can resist being consolidated by larger acquirers.”

Laws to protect against cyber attacks

The new government plans to implement laws to protect the NHS, the MoD, and other public services from cyber attacks by both state and non-state actors.

Labour announced in its manifesto a pledge to undertake a strategic defence review within its first year in office. This review will not only evaluate the threat posed by cyber-attacks but also address the challenge of ‘misinformation campaigns aimed at undermining democracy’. Additionally, the manifesto committed to launching a comprehensive fraud strategy targeting online fraud, public sector fraud, and serious fraud.

As part of this initiative, Labour plans to collaborate with technology companies to prevent fraud on their platforms. Moreover, Labour has indicated that it will work alongside national policing bodies to standardise IT procurement, establish uniform standards, and enhance training across the board.

Al Lakhani, CEO of IDEE, said: “It looks like the UK government has finally woken up to the massive threat that cybercriminals pose to our public infrastructure. After an election campaign that ignored one of the biggest threats to national security, the new legislation requiring private companies in public sector supply chains to beef up their cybersecurity could be a real game-changer. I can sleep a little easier tonight knowing someone in charge is finally taking action.

“However, let’s not start celebrating just yet. This move, while necessary, doesn’t fully protect the UK’s defences, and it would be foolish to think we’ve suddenly addressed all the vulnerabilities that will remain as the bill is implemented. It might be hard to believe, but this is the first time cybersecurity legislation has been updated in six years – imagine how far behind we’ve fallen compared to the rapidly evolving capabilities of hostile actors in that time.

“We can and must go further, and additional legislation and resources will be needed to tackle the ongoing risks facing the UK’s long-neglected digital infrastructure. Credential phishing and password-based attacks remain the most common methods used by both state and non-state actors to undermine our democracy. I just hope the government and businesses continue to prioritise transitive trust and same-device MFA 2.0 solutions, as they are the quickest and most effective means to prevent such attacks.”