Today’s King’s Speech has set the legislative priorities for the first parliamentary session of this new Labour Government. As expected, it will be a busy session with 38 bills announced and a focus on delivery and growth.
The draft Audit Reform and Corporate Governance Bill was the second bill announced, a hopeful indication of the priority the Government places on governance. It will set the new regulator ARGA on a statutory footing, with the powers to sanction directors and address issues of ‘poor financial reporting’. While we hope that the draft will form actual legislation in time, there has been a history of consultations running into the sand in this area.
This is a strong opportunity for the Institute to work with the Government to help them deliver sensible reform. We are already in discussions with the department and delighted that one of the key policy asks from the CGI manifesto is being acted on so quickly. We will call on members to support this work over the coming months.
Another bill with direct relevance to our policy priorities is the Football Governance Bill. This will set up an independent regulator to address the financial stability of the sport and ensure fans' voices are heard. We will draw on the knowledge and experience from our Sports Governance Academy to support this initiative, particularly on the development of the Football Club Governance Code.
Many bills will interest businesses. These include the Skills England Bill, which promises a new partnership with employers. It will deliver apprenticeship levy reform through the formation of a new Skills England body which will take over responsibilities from the existing Institute for Apprenticeships and Technical Education.
The Government has also undertaken to move swiftly forward with its Employment Rights Bill so that it takes effect within 100 days. This will enshrine the rights of new employees to sick pay and parental leave from day one and reverse previous legislation on trade unions to make it easier to take strike action.
The speech highlights the Government’s intention to make stability the cornerstone of economic policy, announcing that every decision must be consistent with fiscal rules. The Government will legislate to ensure that all significant tax and spending changes are subject to an independent assessment by the Office for Budget Responsibility as set out in the Budget Responsibility Bill.
The Government has declared securing economic growth as a fundamental mission. They are seeking a new partnership with both business and working people to help the country move on from the recent cost of living challenges and prioritise wealth creation for all communities. To support this work Ministers will establish an Industrial Strategy Council.
There are several initiatives which could be of further interest to governance professionals, such as the new responsibilities placed on ‘bosses’ in water companies and how the more general theme of devolving power to local areas will work in practice, including how it will be governed. Plenty here for us to delve into the detail of later.
Other bills we will keep an eye on include the impact on employers and employees contained in the Pension Schemes Bill and the Draft Equality (Race and Disability) Bill; the National Wealth Fund which has a budget of £7.3bn to support the decarbonisation of heavy industry; various bills which will impact on infrastructure such as the Railways Bill and the Better Buses Bill and a number with focus on national security, including the Cyber Security and Resilience Bill.
We will keep you updated on the implications of this legislative package as more detail emerges on what these will amount to in practice, and what we as governance experts can advise on and support by working with the Government, regulators and our partners. The complete list of bills announced is below.
David Mortimer,
Head of External Affairs, CGIUKI
Budget Responsibility Bill
National Wealth Fund Bill
Pension Schemes Bill
Planning and Infrastructure Bill
Employment Rights Bill
English Devolution Bill
Passenger Railway Services (Public Ownership) Bill
Better Buses Bill
Railways Bill
Bank Resolution (Recapitalisation) Bill
Arbitration Bill
Product Safety and Metrology Bill
Digital Information and Smart Data Bill
High Speed Rail (Crewe to Manchester) Bill
Draft Audit Reform and Corporate Governance Bill
Great British Energy Bill
The Crown Estate Bill
Sustainable Aviation Fuel (Revenue Support Mechanism) Bill
Water (Special Measures) Bill
Border Security, Asylum and Immigration Bill
Crime and Policing Bill
Terrorism (Protection of Premises) Bill
Victims, Courts and Public Protection Bill
Children’s Wellbeing Bill
Skills England Bill
Renters’ Rights Bill
Football Governance Bill
Draft Leasehold and Commonhold Reform Bill
Draft Equality (Race and Disability) Bill
Draft Conversion Practices Bill
Tobacco and Vapes Bill
Mental Health Bill
Hillsborough Law
Armed Forces Commissioner Bill
Northern Ireland Legacy Legislation
House of Lords (Hereditary Peers) Bill
Cyber Security and Resilience Bill
Commonwealth Parliamentary Association and International Committee of the Red Cross (Status) Bill
Lords Spiritual (Women) Act 2015 (Extension) Bill
Holocaust Memorial Bill
