Research briefing setting out the government’s commitments covering economic affairs, business and trade for the House of Lords debate on the 2024 King’s Speech.
King's Speech 2024: Economic affairs, business and trade (341KB PDF)
The Labour Party has made increasing economic growth one of its main missions for government and has outlined a series of policy initiatives designed to achieve this and create “good jobs and productivity growth in every part of the country”.
Amongst other things, Labour has proposed to implement an industrial strategy and establish an industrial strategy council to scrutinise the government and report on its progress in achieving its industrial priorities. It has proposed a strengthening of workers’ rights, designed to “make work secure” and deliver a “genuine living wage”. And it has proposed to strengthen the role of the Office for Budget Responsibility, to ensure that all major tax and spending decisions are subject to an independent forecast by the body.
The Library’s briefings for the King’s Speech draw on the Labour Party’s manifesto and other material in the public domain. They have been written in advance of the 2024 King’s Speech to help members of the House of Lords prepare for the debate on the speech. They do not constitute official information about the government’s intentions or provide a complete list of bills to be announced.
King's Speech 2024: Economic affairs, business and trade (341KB PDF)
The Sovereign Grant Bill is a government bill which would amend how the sovereign grant is set. This is a grant paid to the King to support the work of the sovereign. The bill would enable the size of the sovereign grant to be reduced following the completion of a 10-year works project on Buckingham Palace. The bill received cross-party support and was not amended in the House of Commons.
The Commercial Payments Bill [HL] seeks to tackle late payments to small businesses. It would impose minimum payment periods for invoices, prohibit the use of retentions in construction contracts and provide the small business commissioner with greater powers. The bill received an unopposed second reading in the House of Lords on 9 June 2026. 30 government amendments were made to the bill at committee stage.
![Commercial Payments Bill [HL]: Progress in the Lords](https://lordslibrary-parliament.studio24.dev/content/uploads/sites/2/2020/01/Business-VIGs-568x426.jpg)
The Financial Services and Markets Bill [HL] is a wide-ranging bill that aims to reform the way the UK financial services sector is regulated. This briefing provides a summary of the bill’s second reading and committee stage in the House of Lords ahead of its further consideration at report.
![Financial Services and Markets Bill [HL]: Progress in the Lords](https://lordslibrary-parliament.studio24.dev/content/uploads/sites/2/2020/09/Economy-568x426.png)