King’s Speech 2024: Economic growth will be ‘fundamental mission’ of Labour government

In his second King’s Speech as monarch on Wednesday, Charles III told assembled MPs and Peers in the House of Lords that his government “will be mission led and based upon the principles of security, fairness and opportunity for all”.

The Speech from the Throne — the first under a Labour government in 15 years — featured a heavy emphasis on securing economic growth, the first of Keir Starmer’s five “missions for national renewal”.

Charles III said: “Stability will be the cornerstone of my government’s economic policy and every decision will be consistent with its fiscal rules. It will legislate to ensure that all significant tax and spending changes are subject to an independent assessment by the Office for Budget Responsibility.”

He added: “Securing economic growth will be a fundamental mission. My Government will seek a new partnership with both business and working people and help the country move on from the recent cost of living challenges by prioritising wealth creation for all communities. My Ministers will establish an Industrial Strategy Council. It is my Government’s objective to see rising living standards in all nations and regions in the United Kingdom.”

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