King’s Speech sets out the new government’s priorities for UK growth

Turbo-charging growth was heavily trailed as the focus of the King’s Speech setting out the new government’s priorities for its first year in office.

Much had already been said in the build up – and during the election campaign – from reforms seeking to speed up delivery of new homes and infrastructure to new initiatives aimed at attracting and encouraging business success in sectors key to the UK economy.

So, what were the big takes from today and what will it mean in terms of attracting more investment in regions like Kent and Medway that will be key to delivering the UK’s growth agenda. We’ve shared some of the key points below.
Housing and planning
A planning and infrastructure bill is, as expected, on the way. This will streamline the process for critical infrastructure and reform rules on compulsory purchase of land. Projects like Manston Airport, the Lower Thames Crossing and Otterpool Park garden town will all have needed to go down this route to ensure delivery. These reforms should reduce the delay that complex, large scale projects can face.

Energy and infrastructure

A National Wealth Fund bill will set up a new fund to invest £7.3bn over five years in key infrastructure and green industry.  This is excellent news for Kent and Medway, already a key hub for business sectors focused on net zero transition and encouraging in terms of the potential to unlock future investment.

Port and transport infrastructure will be an important focus and we will be continuing to play our part in promoting the importance of Port of Dover and the Channel Tunnel achieving the UK’s sustainable growth ambitions, including increasing trade with mainland Europe and beyond.

Greater devolution for England’s regions

Could our decision makers across Kent and Medway have the chance to increase the areas they have control over?  An English Devolution Bill will streamline the process to transfer more powers to elected mayors in combined council areas.
The government has indicated that it is inviting councils without elected mayors in place – or not suitable for them – to work with them on devolving powers to deliver growth locally.  This will an interesting area for decision-makers across the county to consider.

Nick Fenton, CEO Locate in Kent, said: “We welcome the government’s drive to put growth at the heart of its legislative agenda to turbo charge the UK economy.

“The UK economy needs to be freed up to encourage investment in regions like Kent and Medway – and sectors, including science research and green energy – that will help our producers, makers and innovators to compete in key markets worldwide.”