As far as business is concerned, E S and G are all well represented in the King’s Speech, the first of Sir Keir Starmer’s government. Responsible businesses should have little to fear from the list of bills.
On the E – bills to generate a £7.3 billion National Wealth Fund and establish Great British Energy are firmly aimed at developing the green economy and boosting the UK’s energy independence away from fossil fuels. And in the midst of all the noise around housebuilding numbers and NIMBYISM, one important aspect of the Planning and Infrastructure Bill may have been overlooked. The speech highlights its role in “accelerating upgrades to the national grid and boosting renewable energy”.
On the S – better public transport (improved local control of bus services and investment in the northern rail infrastructure) help employees access the best performing companies, while the Renters’ Bill of Rights will reduce the chance of those employees in rented accommodation losing their homes unexpectedly. Most importantly, the employment rights bill seems less radical than some commentators would have had us believed: exploitative use of zero hours contracts and an end to ‘one-sided’ flexibility.
And the G has a bill of its own with the government legislating for stronger audit regulation to improve corporate governance.
Holes in the speech
Of course, the King’s Speech has holes. The governance bill does not go as far as we signatories to the Better Business Act would like. Building design standards are as important as numbers in the Planning Bill; we don’t want to have to decarbonise new homes at some future date. And the support for sustainable aviation fuels is, to say the least, controversial. However, maybe these are just a few of the trade-offs that we will have to accept to get the main body of proposals through.
Better positive in action than perfect in theory. Just like ESG reporting really!