At the state opening of parliament, the King announced in his speech that pensions will be boosted by £11K and the new government will seek to improve NHS services, however there was no comment on inheritance tax, despite proposals for Labour to ‘rethink IHT’ after the general election.
However there was introduction of new legislation called the Pension Schemes Bill is designed to increase the amount available for pension savers. It could help an average earner in a defined contribution scheme accumulate over £11,000 more in their pension pot by the time they retire, the Government has said.
The move is estimated to support over 15 million people who save in private-sector pension schemes
The Pension Schemes Bill is designed to increase the amount available for pension savers. It could help an average earner in a defined contribution scheme accumulate over £11,000 more in their pension pot by the time they retire, the Government says.
Speaking to parliament, King Charles 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. Bills will be brought forward to strengthen audit and corporate governance, alongside pension investment.”
MPs made their way to the House of Peers from the commons on Wednesday to attend King Charles and Queen Camilla for the King’s second speech since being crowned monarch.
Prime minister Keir Starmer could be seen walking next to former conservative prime minister Rishi Sunak and Chancellor Shabana Mahmood presented the King with the speech from a ceremonial purse. The King opened the speech by stating the new government will be ‘mission led’ and that ‘stability will be the cornerstone of economic policy, tax and spending changes’.
However, The Express reported that tax experts have allegedly ‘criticised proposals announced during the King’s Speech yesterday, stating they do not do enough to address the nation’s soaring tax burden’
The report claims that taxation experts have argued that the agenda was dominated by ‘low-priority’ issues that will not solve the ‘genuine crises’ at the Government’s door.
At present, the nation is thought to be dealing with the highest tax burden seen since World War Two, in large part fuelled by rising wage inflation and freezes to tax thresholds.
Later in the speech King Charles announced: “My Government will improve the National Health Service as a service for all, providing care on the basis of need regardless of the ability to pay. It will seek to reduce the waiting times.
“My Government believes that greater devolution of decision making is at the heart of a modern dynamic economy and is a key driver of economic growth and my Ministers will introduce an English Devolution Bill.
“Taken together these policies will enhance Britain’s position as a leading industrial nation and enable the country to take advantage of new opportunities that can promote growth and wealth creation.
“Later this week, my Government will host the European Political Community meeting at Blenheim Palace. The Queen and I look forward to our Visit to Samoa alongside the Commonwealth Heads of Government Meeting in October, and our Visit to Australia.”
One Response
It is good to hear our King confirm changes to pensions – but those who have taken them (voluntarily by way of their tax free cash and income through the product providers and their Trustees / property Trust owners) may well have already lost out. Those victims of A J Bell ( Andrew James Bell FAI BSc ) and the Directors and shareholders who are Victims of Treachery by Trustees selling the pension scheme assets by Bullying and Intimidation for their bullying activities and One VEry Good Reason Pesnions should be the VERY LAST RESORT – and cash held on deposit through NWG Lloyds Bank and others as part of the Pesnions Syndicates of Fraud and theft of pension schemes by these “product providers” and the MPS’s (such as the Chancellors of the Exchequer Osborne Sunak Brown – all of who have taxed the pension beneficiaries fo their own purposes and deceit. Which I refer to as their “Proceeds of Crime “. and the FCA looks on !