King’s Speech: Charles booed by protesters after setting out Rishi Sunak’s political agenda
The King was booed by protesters as he left parliament after outlining Rishi Sunak’s agenda for the year ahead.
Tougher sentences for the country’s most serious offenders and a crackdown on grooming took centre stage in the first King’s Speech in decades.
The monarch struck a personal note when he began his speech – the first by a king in more than 70 years – by acknowledging the “legacy of service and devotion to this country” shown by his “beloved mother, the late Queen”.
Reading out Prime Minister Sunak’s agenda for the upcoming year, the King said the Sentencing Bill would be brought forward to “increase the confidence of victims”.
Further measures would also be introduced to give police more powers to “prevent new and complex crimes” and child sexual abuse, he added.
Follow latest: King’s Speech unveils Sunak’s plans
The King and Queen on their way to parliament
The chamber of the House of Lords fills up ahead of the King’s Speech
Despite the emphasis on crime, there was no mention of the recent pro-Palestinian protests that have been taking place across the UK, and which Ms Braverman has described as “hate marches”.
Her controversial plans to restrict the use of tents for people who are homeless were also not raised by the King.
Ahead of the speech, anti-monarchy protesters gathered outside parliament with placards which read: “Not my king!”.
They could be heard booing the King as he left parliament for Buckingham Palace once he had delivered the speech.
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Full list of announcements in the King’s Speech
The King and Queen travel past anti-monarchy protesters
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‘Not My King!’ protest
At 1,223 words, the King’s Speech was the longest by a monarch at a State Opening of Parliament since 2005.
It began when the King noted that the COVID pandemic and the war in Ukraine had created “significant long-term challenges for the United Kingdom”.
He said Mr Sunak’s government was focused on “increasing economic growth and safeguarding the health and security of the British people for generations to come”.
The King repeated the prime minister’s key pledge to bring down inflation, which currently stands at 6.7%, and said the government would support the Bank of England “in that goal” by taking “responsible decisions on spending and borrowing”.
Previously announced ambitions to create a “smoke-free generation” were raised, as the monarch said the government would restrict the sale of tobacco so that children currently aged 14 or younger can never be sold cigarettes.
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King’s Speech: In full
The King – a lifelong environmental campaigner – also confirmed Mr Sunak’s plans to grant new oil and gas licences “helping the country to transition to net zero by 2050 without adding undue burdens on households” in the Offshore Petroleum and Licensing Bill.
Elsewhere, he reaffirmed the prime minister’s plans to introduce an Advanced British Standard, a “new Baccalaureate-style qualification” for 16 to 19-year-olds that will combine and replace A-Levels and T-Levels, while also carrying out a crackdown on “poor quality” university degrees in favour of more young people taking high quality apprenticeships.
Turning to housing, the government will bring forward the Leasehold and Freehold Bill to make it easier and cheaper for leaseholders to purchase their freehold and, it is hoped, tackle the issue of punitive service charges.
The long-awaited Renters Reform Bill, under which no-fault evictions are set to be banned, is designed to increase security for renters – but it has come under criticism after Levelling Up Secretary Michael Gove said he would not enact the policy until courts have been reformed.
Concluding the speech, the King said: “My government will, in all respects, seek to make long-term decisions in the interests of future generations.
“My ministers will address inflation and the drivers of low growth over demands for greater spending or borrowing.
“My ministers will put the security of communities and the nation ahead of the rights of those who endanger it.
“By taking these long-term decisions, my government will change this country and build a better future.”
Cutting the annual allowance for cash ISAs could backfire in multiple ways, an influential group of MPs has warned the government.
For months, speculation has been growing that the chancellor may slash the yearly limit for tax-free savings – potentially from £20,000 to £10,000.
The government is hoping to encourage savers to invest in stocks and shares ISAs instead, which can offer greater long-term returns and improve financial health.
But according to the Treasury Committee, slashing allowances would be unlikely to achieve this – and could lead to higher prices for consumers.
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Chancellor faces tough budget choices
Building societies rely on cash ISA savings to fund mortgage lending – and a drop in deposits might lead to higher interest rates or fewer products on the market.
Committee chairwoman Dame Meg Hillier said “we are a long way” from achieving a culture where substantial numbers of Britons invest in the stock market.
“This is not the right time to cut the cash ISA limit,” she warned. “Instead, the Treasury should focus on ensuring that people are equipped with the necessary information and confidence to make informed investment decisions.
“Without this, I fear the chancellor’s attempts to transform the UK’s investment culture simply will not deliver the change she seeks, instead hitting savers and borrowers.”
Read more: How to get started with a stocks and shares ISA
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Govt ‘not satisfied’ after inflation sticks at 3.8%
The latest figures suggest two-thirds of contributions to ISAs in the 2023/24 tax year went to cash accounts – bringing total holdings to £360bn.
An estimated 14.4 million consumers solely save in a cash ISA, with the average balance standing at £6,993.
Surveys suggest that, if allowances were cut, consumers may move their cash to alternative savings accounts where they would have to pay tax on interest.
Skipton Group executive Charlotte Harrison previously warned: “Building societies, which funds over a third of all first-time buyer mortgages, rely on retail deposits like cash ISAs to fund their lending.
“If ISA inflows fall, the cost of funding is likely to rise, and that means mortgages could become both more expensive and harder to access.”
She claimed a policy change could end up “penalising savers who want low-risk, flexible options” – adding: “Cash ISAs work. Undermining them doesn’t.”
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Tax hikes possible, Reeves tells Sky News
Chancellor Rachel Reeves said: “At the moment, often returns on savings and returns on pensions are lower than in comparable countries around the world.
“I do want to make sure that when people put something aside for the future, they get good returns on those savings.”
The committee’s warning comes amid speculation over whether Ms Reeves will raise income tax at next month’s budget – breaking a key Labour manifesto pledge.
Newspaper reports have suggested that the basic rate of income tax could be increased for the first time since the 1970s – up 1p to 21%.
This could raise about £8bn and help tackle a black hole in the country’s finances, but risks squeezing consumers further as a cost-of-living crisis continues.
A 1p rise to the higher band of income tax – taking that rate to 41% – is also believed to be under consideration, but this would only boost the nation’s coffers by £2bn.
Ms Reeves has refused to rule out such a move, telling Sky’s deputy political editor Sam Coates that she is looking at both tax rises and spending cuts ahead of her statement to the Commons on 26 November.
The Bank of England is worried that a rise in financiers’ lending to data center lending may cause an AI bubble reminiscent of the dot-com crash in the early 2000s.
The rumored nomination of Michael Selig follows the CFTC nomination process hitting a snag in September when Brian Quintenz was withdrawn.
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