UKSIF Responds to Programme for Government in the King’s Speech

[17th July, 2024- London] Today, his Majesty King Charles III set out the programme for government in the House of Lords.

Joe Dharampal-Hornby, Head of Public Affairs and Communications at UKSIF commented

“Today’s King’s Speech sets out welcome commitments to attracting investment into the UK’s sustainable industries.

Great British Energy has the potential to be a major catalyst for the UK’s clean energy transition. GB Energy’s stated focus on partnering with private developers is encouraging, but it must go hand in glove with measures to address wider economic barriers.

Already removing the de-facto planning ban on onshore wind is a statement of intent from the new government, but it is only part of the solution. We know funds are looking to invest in Britain’s sustainable future, but to do so, they need streamlined planning processes, grid upgrades that mean they can plug in their projects, and long-term certainty on pricing mechanisms, such as Contracts for Difference. Targeted capital aimed at de-risking projects in areas facing constraint – through the likes of GB Energy – alongside this wider economy reform, can position the UK as a global leader in clean energy investment and innovation.

Commitments to deliver high-quality infrastructure and housing through the Planning and Infrastructure Bill, should accompany efforts to improve the poor energy efficiency of the UK’s housing stock. Measures to accelerate the uptake of heat pumps, insulation, and green mortgages should be explored as a matter of priority.

UKSIF welcomes the government’s announcement of the Draft Audit Reform and Corporate Governance Bill in today’s King’s Speech, which we have long awaited. The creation of a new Audit, Reporting and Governance Authority with powers to investigate misleading financial reporting is a crucial step towards enhancing corporate accountability and maintaining the UK’s position as a leading global financial and business centre. We urge the government and regulators to ensure the smooth transition from the FRC to the ARGA. UKSIF stands ready to engage constructively in the legislative process.” 

For all press enquiries, contact Liza.hartley@uksif.org