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In March 2026, the Office for Budget Responsibility (OBR) said the UK’s economic context remained challenging, with weak growth and elevated levels of government borrowing and debt. The ongoing conflict in Iran may also have significant impacts on the UK economy, creating inflationary pressures, particularly for energy prices.

Measures relating to the economy, business and trade the government has previously raised include reforms to the national wealth fund, credit unions and public procurement. The government is also expected to introduce legislation to implement certain agreements it is currently negotiating with the EU as part of its policy of pursuing a ‘reset’ in UK-EU relations.

This briefing has been prepared to assist members of the House of Lords in the debates on the King’s Speech. It draws upon material from the public domain and does not constitute official information about the government’s intentions or provide a complete list of bills to be announced.

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