Queen’s Speech 2016: Key legislation

The Queen has announced the government legislation for the year ahead at the state opening of parliament.

The following bills were included in the Queen’s Speech 2016:

Digital economy 

  • every household will have legal access to fast broadband connection
  • cutting the cost of building infrastructure needed for faster internet and better mobile networks
  • right to be automatically compensated when broadband services go down.

Local growth and jobs

  • allowing local councils to retain all business rates they collect
  • new measures to allow combined authority mayors to levy business rates in order to fund infrastructure and support local businesses.

Lifetime savings

  • new Help to Save scheme to help build savings for those on low income. 
  • lifetime ISA for people aged under 40, saving up to £4,000 a year topped up by a government bonus of 25% from April 2017.

Pensions

  • better protection for people paying into multi-employer pension schemes
  • capping early exit fees charged by trust-based occupational pension schemes
  • the Pension Advisory Service, Pension Wise and Money Advice Service to be merged into 1 body.

Josh Hardie, Confederation of British Industry deputy director-general, said:

“Prioritising the digital revolution, which is transforming the face of modern business, is a key step to propelling the UK’s productivity. “

Mike Cherry, Federation of Small Businesses national chairman, said:

"A key theme appears to be improving the workings of dysfunctional markets and investing in key infrastructure. Helping to rebalance the economy and deliver growth in all parts of the country will be a fundamental test of this Parliament."

Talk to us today to discuss how the measures announced in the Queen’s Speech 2016 will affect you.