THECITYUK RESPONDS TO THE QUEEN’S SPEECH

Nicky Edwards, Director of Policy and Public Affairs, comments on announcements in today’s Queen’s Speech regarding pensions, infrastructure and businesses investment:

Pensions

“The reforms to pensions laid out in the Queen’s Speech will give people in the UK greater choice in how their pension savings can be used to support them in retirement. While innovation in the pensions market is important, people will also need to save more during their working life to ensure a decent income in later life. Increasing the rate of contribution to auto-enrolment pensions is therefore vital.”

Infrastructure

“The changes included in the Bill are good news for the UK economy. Streamlining the planning consent process will bring greater certainty to investors and the public alike. We see infrastructure reform as an essential part of both attracting inward investment to the UK, and providing better public services.

“Investors and the public share a common interest in striking the right balance when it comes to improving the UK planning system. Delay, obstruction and indecisiveness deter investment and disadvantage the UK as a destination for global investment, damaging its competitiveness, so it’s important these reforms are implemented swiftly.”

Small businesses

“TheCityUK welcomes the emphasis on SMEs in the Queen’s Speech. In a recent report, Alternative Finance for SMEs and Mid-Market Companies, we highlighted the important role that alternative sources of finance can play in complementing bank lending to SMEs and mid-market companies. We look forward to continuing our dialogue with the Government and regulators on how to increase the flow of investment to this important part of the UK economy.”