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Finance

King’s Speech takeaways: Railways, renewables, housing and football lead agenda

Today’s King’s Speech, as written by the newly elected Labour government under Keir Starmer, reiterated the party’s stances on renationalising the railways, ramping up renewable energy investments, tightening renters’ rights and accelerating housebuilding across the country.

Policies relating to football regulation, immigration and healthcare were also tabled.

The running theme was one of kickstarting growth, balanced with infrastructure reforms and renters’ rights.

While avoiding any firm policy details, the speech gave a clear indication of the policies and reforms that Labour hopes will define Starmer’s first term in the top spot.

Here are a few key takeaways.

Great British Railways

"My ministers will bring forward legislation to improve the railways by reforming rail franchising, establishing Great British Railways and bringing train operators into public ownership," King Charles, speaking in full regalia at the House of Lords, proclaimed.

It may sound like a trainspotting spin-off of the GBBO, but the establishment of the new public body Great British Railways represents a dramatic overhaul of Britain’s national rail infrastructure after being handed to the private sector in the 1990s.

In its election campaign, Labour pledged to bring rail operators into public ownership within five years.

"Everybody who travels on the trains has been affected by the cancellations and delay,” Starmer stated in April. "We have to pick that up and fix it, we can't walk round that problem any more."

Great British Energy

Energy security received a lot of attention in the King’s Speech.

Announcing the establishment of another publicly owned body, King Charles stated: “My Government recognises the urgency of the global climate challenge and the new job opportunities that can come from leading the development of the technologies of the future.

“It is committed to a clean energy transition which will lower energy bills for consumers over time.

“A bill will be introduced to set up Great British Energy, a publicly owned clean power company headquartered in Scotland, which will help accelerate investment in renewable energy such as offshore wind.”

King Charles, a vocal proponent of environmental conservation policies, announced that a bill would be introduced to support sustainable aviation fuel production.

In a possible warning shot at Britain’s water companies, he added: “My Government recognises the need to improve water quality and a bill will be introduced to strengthen the powers of the water regulator.”

Housing’s five-year plan

Starmer heavily pushed housebuilding as a key policy in his successful bid to become Prime Minister.

Labour’s goal of building 1.5 million homes over five years was reiterated in today’s King’s Speech, with the King stating that planning reforms will "get Britain building”.

King Charles also announced the introduction of legislation that would give greater rights and protections to people renting their homes, including ending no-fault evictions and reforming grounds for possession.

“Draft legislation will be published on leasehold and commonhold reform,” he stated.

Social policies

The King detailed a number of policies relating to workers’ rights, immigration and gender identity.

Labour will seek to introduce a new worker’s bill “to ban exploitative practices and enhance employment rights”.

Former Prime Minister Rishi Sunak’s divisive Rwanda Bill will be scrapped in favour of a Border Security and Asylum Bill to “modernise the immigration system”.

Regarding healthcare policies, a draft bill will be brought forward to ban gender conversion practices for children.

Sunak’s Tobacco and Vapes Bill, which intends to completely ban smoking in the years to come, will stay in place.

A bill will also be introduced to establish an independent football regulator to ensure “greater sustainability in the game and strengthen protections for fans”.

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