The King’s Speech took place at the State Opening of Parliament on Wednesday 17 July.

Paul Butterworth, CEO at Chambers Wales South East, South West and Mid, said:

“The theme of today’s King Speech was very clear: the new government is committed to improving and driving economic growth through its proposed legislative programme.

“It is pleasing to hear that securing economic growth is a fundamental mission of this government and that sustainable growth will be pursued by encouraging investment in industry, skills and technology, as well as job creation to support the green economy. There is much in today’s speech which shows the voice of business has been heard and that the government is introducing measures that benefit firms and help unlock investment.

“The new government will be hoping its plans will bolster the positive economic direction of the country, as per today’s inflation data. Businesses in Wales will welcome the news that inflation has held steady at 2% in June, showing that the UK is exiting its long inflation crisis and making it more likely that an interest rate cut could happen soon. Risks remain, however, with global conflicts and trade tensions contributing to uncertainty, and services inflation proving to be stubborn.”

Shevaun Haviland, Director General of the British Chambers of Commerce, said:

“The commitment to an industrial strategy could put in place a framework to unleash the pent-up ambition of British business to grow the economy.

“If we use it to make green innovation a key driver of that growth, and link it to a coherent plan around skills, trade, devolution, and AI, then the possibilities could be endless.

“Billions of pounds of private investment have been held back by businesses which have been watching and waiting for long-term certainty in the economy.

“The Government’s clear intention to speed up the planning system for large scale infrastructure can feed that business confidence, if it can be delivered. Measures to increase business resilience, reform of the apprenticeship levy and legislation to support sustainable aviation fuel could also boost the economy.

“Placing decision-making and funding in the hand of the people closest to their local economies, and the issues they face, while increasing a collaborative approach will also be welcomed.

“There are still big issues that need to be addressed. Improving our trade relationship with the EU will not be straightforward, and there will need to be detailed consultation with business on the Plan to Make Work Pay.

“But there is much in today’s speech which shows the voice of business has been heard and that Government is introducing measures that benefit firms and help unlock investment.

“We want to work in partnership with the Government to make this happen and shift the economy out of first gear to get it motoring again.”