King's Speech: Inflation control key as pensions and IHT take back seat
In his first King's Speech, he outlined the programme of legislation the government plans to progress in the next parliament session, which is likely to be the last before the next general election.
Speaking at the State Opening of Parliament today (7 November), the King said the impact of Covid and the war in Ukraine had created «significant long-term challenges» for the UK.
In his first King's Speech, he outlined the programme of legislation the government plans to progress in the next parliamentary session, which is likely to be the last before the next general election.
«My ministers will support the BoE to return inflation to target by taking responsible decisions on spending and borrowing,» the King said. «These decisions will help household finances, reduce public sector debt, and safeguard the financial security of the country.»
UK enters 'new phase of suspended animation' after Bank of England holds rates
In comments of particular interest to the financial services sector, the King also said the government would «take steps to make the economy more competitive» and focus on new competition rules for digital markets and a reform of welfare in the UK.
Despite expectations from the industry around a potential pensions bill, no mention was made of policy changes or movement on inheritance tax (IHT).
«My ministers' focus is on increasing economic growth and safeguarding the health and security of the British people for generations to come,» the King stated.
«My government will continue to take action to bring down inflation, to ease the cost of living for families and help businesses fund new jobs and investment.»
Commenting ahead of the King's Speech this morning, Aegon head of pensions Kate Smith said she was
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