First among many was the need to recalibrate the mood of the nation, which has deteriorated significantly over the past 12 months as rising energy bills and rampant inflation has affected the UK.
Cost of living
In 2021, as the nation was undergoing the biggest vaccination exercise in living history, HM the Queen focused on the government's priority to "deliver a national recovery from the pandemic that makes the UK stronger, healthier and more prosperous than before."
But a series of events, including Russia's war on Ukraine, has helped to push living costs exponentially high for Britons.
Most do not feel more prosperous than before - certainly they feel poorer than in 2021, especially with CPI inflation set to peak at 10 per cent this year.
According to the LV Wealth and Wellbeing Monitor - a quarterly survey of 4,000 UK adults – 42 per cent of respondents said they expected their finances to worsen over the next three months.
As reported by FTAdviser, the March 2022 figures are the worst seen since June 2020 when LV started surveying consumers.
Some 44 per cent said their finances had deteriorated over the past three months, while 58 per cent said their total monthly outgoings had increased in the last three months.
So when HRH the Prince of Wales stood to deliver the speech in his mother's stead, he naturally had to address the nation's financial mood amid these "challenging times".
He said: "Her Majesty's government's priority is to grow and strengthen the economy and ease the cost of living for families... to improve living standards ... reducing debt while cutting taxes and to [support] the Bank of England to return inflation to its target."
Financial services professionals were quick to welcome this change of tone.
Becky O’Connor, head of pensions and savings for Interactive Investor, said: “Tackling the cost-of-living crisis was rightly among the first priorities laid out in the Queen’s Speech – the number of people struggling with covering their essentials, a large proportion of whom are pensioners, grows by the day."
Cost of Care
In 2021, the Queen made mention of the health and care bill, which would include measures to "support the health and wellbeing of the nation" and mentioning that "proposals on social care reform will be brought forward".
In April 2022, the 1.25 percentage point increase to national Insurance hit pay packets across the nation, which will form the new social care tax from 2023 onwards as outlined in the health and social care levy bill.
In his speech, Prince Charles said: "Her Majesty's ministers will continue to...fund the National Health Service to reduce the Covid backlogs."
Housing
In 2021, the Queen's speech pledged the government would bring forth a planning bill, to help "more people to own their own home, while enhancing the right of those who rent.
"Laws to modernise the planning system, so that more homes can be built, will be brought forward, along with measures to end the practice of ground rents for new leasehold properties."
But, as reported in the government's 45-page Research Briefing on the 2022 Queen's Speech, the government has not yet introduced the planning bill and the new parliament will be unlikely to bring forward a standalone planning bill.
The briefing stated: "When he appeared before the Housing, Communities and Local Government Committee in November 2021, the Secretary of State for Levelling Up, Michael Gove, was asked how long he was going to pause the planning reforms and whether they might be abandoned. He said that they would not be.
"In February 2022, the Telegraph reported that Michael Gove had told Conservative backbenchers that plans for a standalone planning bill had been abandoned, with more limited planning reforms to be taken forward through a levelling up and regeneration bill."
Some topics that were mentioned in the briefing that accompanied the 2021 Queen’s Speech but have not been taken forward included:
- Renter's reform bill
- Victims bill
- Boycotts, divestment and sanctions bill.
But Prince Charles did state this year there would be measures brought forward to improve living standards and give residents more of a say in local developments, as the planning system will be reformed.
Moreover, the government’s levelling up white paper includes a commitment to bring forward a social housing regulation bill.
As stated in the research briefing, Gove, confirmed to the LUHC Select Committee that the government hoped to introduce the bill in May or June 2022.
Online safety
The government is still progressing with bills such as the online safety bill, which in 2021 has been cited by HM the Queen as legislation which would "lead the way in ensuring internet safety for all".
As of today (May 10), this is still progressing through the Houses, and has been carried over into this new parliament, with amendments and debates on the inclusion of protections against financial harms and scammers.
Prince Charles built on comments made in the previous year to improve UK financial services, with relaxation of pre-Brexit rules from the EU.
He said: "Her Majesty's government will support...economic growth and regulations on businesses will be repealed and reformed.
"We will strengthen the UK's financial services industry to make sure it acts in the interests of all people and communities."
The new parliament will also reform the data protection rules.
As ever, the speech ended: "Her Majesty prays the blessing of almighty God will rest upon your counsels."
simoney.kyriakou@ft.com
