What the Queen’s Speech means for your business and finances

On Tuesday 11th May 2022, the State Opening of Parliament was a little different to previous years. Sadly, due to mobility issues, the Queen was unable to attend. Instead, the Prince of Wales read the Queen’s Speech for the first time. It covered 38 bills that will be introduced in the coming session, including some that weren’t passed into legislation during the previous parliament. In this post, we’ve picked through the upcoming legislation to work out what the Queen’s Speech means for your business and finances.

ID checks for company directors

The Economic Crime Bill will make it compulsory for Companies House to check directors’ identities. Companies House will also gain a raft of new powers. We’ve covered some of these in this post.

Modern slavery clampdown

If your business has a turnover in excess of £36m you’ll have to issue an annual report that shows how you have worked to prevent modern slavery taking place in your operations and supply chains.

Changes to business rates

The Non Domestic Rating Bill will revalue commercial premises more often, ensuring they are paying the correct business rates. Companies that invest in their properties or in carbon reduction may be able to benefit from new reliefs.

New procurement rules

The UK will move away from existing EU procurement rules to make procurement simpler and more streamlines. The intention is partly to widen access to government contracts for smaller companies.

Online subscriptions

If you offer online subscriptions, the new Draft Digital Market Bill will usher in changes. After the bill passes into law, you will have to alert subscribers before their subscriptions auto-renew.

No-fault evictions abolished

Many landlords will be dismayed to note that the Renters Reform Bill will abolish ‘no-fault’ evictions. A new Ombudsman for the private rented sector will help resolve disputes before they go to court. The Decent Homes Standard will also be applied to the sector. Learn more about these changes here.

State-owned investment bank

A new bill will make the UK Infrastructure Bank operational. With £22 billion in assets, it will be able to fund government projects and lend to local authorities. Key priorities will include ‘levelling up’ and Net Zero.

Export of livestock

If your business exports livestock for fattening or slaughter, this will become prohibited under the Animal Welfare (Kept Animals) Bill.

Fair wages for seafarers

In the wake of the P&O scandal, ferry operators will have to pay a national minimum wage equivalent or face a surcharge from ports.

The Queen’s Speech – a summary

The Queen’s Speech introduced a lot of legislation. Government will have its work cut out to introduce and pass all 38 bills in the next session. As important legislation passes into law, we’ll keep you informed of any new rules that will have an impact on your business or finances.