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King's Speech Due Wednesday

UK PREVIEW
DataHomepagemarkets-real-timePolitical RiskCommoditiesPolitical Risk BulletBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • On Wednesday morning, around 11:30BST, the King’s Speech will be delivered, setting out the legislative agenda for the new Labour government.
  • Starmer’s office has put out a press release ahead of the event, noting that there would be more than 35 bills announced.
  • From a market perspective, there will be a number of areas of focus (but probably little specific details this week) on the following: strengthening the role of the Office of Budget Responsibility (OBR) – the UK’s independent fiscal forecaster, the setting up of the new UK energy company (this may have impacts medium-term for inflation if it changes how UK electricity pricing is derived away from the marginal cost of gas production), the new National Wealth Fund, house building plans and changes to labour market laws.
  • However, something that would be a surprise if included would be the removal of the 2 child cap on child benefit – an inclusion here would suggest that the new government was already either bowing to pressure from backbenchers, or being more ambitious in less centrist reforms – which may be indicative of a future direction of travel of the government.
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  • On Wednesday morning, around 11:30BST, the King’s Speech will be delivered, setting out the legislative agenda for the new Labour government.
  • Starmer’s office has put out a press release ahead of the event, noting that there would be more than 35 bills announced.
  • From a market perspective, there will be a number of areas of focus (but probably little specific details this week) on the following: strengthening the role of the Office of Budget Responsibility (OBR) – the UK’s independent fiscal forecaster, the setting up of the new UK energy company (this may have impacts medium-term for inflation if it changes how UK electricity pricing is derived away from the marginal cost of gas production), the new National Wealth Fund, house building plans and changes to labour market laws.
  • However, something that would be a surprise if included would be the removal of the 2 child cap on child benefit – an inclusion here would suggest that the new government was already either bowing to pressure from backbenchers, or being more ambitious in less centrist reforms – which may be indicative of a future direction of travel of the government.