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P.ublished 13th May 2026
business

Business Repsonse To King's Speech

Image: Nappy on Pexels
Image: Nappy on Pexels
Rain Newton-Smith, CBI Chief Executive, said:

“As the country continues to feel the effects of strong global headwinds, businesses were looking for the King’s Speech to put stability, resilience and growth firmly at the heart of the government’s legislative agenda.

“Moves to strengthen energy security, bolster transport connections and streamline financial services regulation are welcome, as are concrete measures to deepen ties with Europe. The EU remains our most important trading partner and the government is right to take steps to smooth UK-EU trade and help us realise the full potential of this vital trading relationship.

“Action to support prompt payment is positive and can help smaller firms build resilience, but this must be balanced carefully against the need to protect the competitiveness of larger businesses – particularly those operating across complex supply chains.

“Bringing British Steel into public ownership helps keep strategically important production in the UK, but it remains an expensive option of last resort. Meanwhile, hard-pressed hospitality businesses are calling for local authorities to avoid introducing a tourist tax that could make holidays more expensive for domestic and international visitors.

“Businesses are keenly aware of ongoing political volatility at home and are clear about the need for stability to protect investor confidence and breathe new life into the country’s growth mission. Firms want to go for growth, but they need strong leadership from government to reform an unfair business rates system, lower business energy bills, and find appropriate landing zones on the Employment Rights Act.”

Emma Jones CBE, the UK’s Small Business Commissioner, has welcomed confirmation in the King’s Speech today that the Government will be taking forward a Bill to tackle late payments.

“Today in the King’s Speech it was confirmed that the Government will be introducing a Bill to tackle late and unfair payments. This is excellent news for UK businesses. Currently late payments cost the UK economy £11 billion a year with founders spending over 86 hours chasing overdue invoices. I am committed to get money moving in the economy and free up small businesses time to grow and thrive. Ending late payments will be critical to realising this goal."