One of the most important was the announcement of a Pensions Bill, which will introduce a single-tier pension of £144 a week and will bring forward to 2026 the date at which the retirement ages rises to 67.
The Bill also makes provision to continually review the retirement age in light of the increase in people's life expectancy and will make it a legal requirement for the pensions regulator to consider minimising the economic impact pension provision has on a company that provides it for its employees.
Also included in the speech were a Deregulation Bill designed to axe red tape for businesses, an Intellectual Property Bill, a Water Bill to unleash competition and an exemption from health and safety laws for the self-employed whose work activities pose no potential risk.
The speech also promised to deliver a raft of measures announced in the Chancellor’s March Budget, from the £2,000 National Insurance allowance for small firms to the Help to Build scheme.
However, many business leaders were less than impressed with the Speech, with the Chief Executive of the Forum o Private Business calling it the “most insignificant Queen’s Speech for business for a number of years”.
Having said that, head of the British Chamber of Commerce, John Longworth, said that ministers seem to have got the message from business that when it comes to new legislation, “less is more”.
While the Director General of the IoD, Simon Walker, said that the Deregulation Bill is a missed opportunity, which will do little to cut back red tape for employers and nothing to tackle the problem of EU regulation.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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