The Queen’s Speech (read here in full), delivered last week by Prince Charles, laid out the Government’s legislative priorities for the coming year and confirmed the Prime Minister’s intentions to draw a line beneath Covid and move away from the scandals which have raised questions over his premiership.
With a General Election on the two-year horizon, the speech looked to reflect priorities of traditional Conservative voters. Emphasis was placed on issues such as growth, levelling up and crime, with the former of most direct relevance to the luxury sector.
Likewise, Britain’s international standing received considerable attention, testament to the Government’s ambitions to bolster Global Britain’s post-Brexit image and narrative. While this concentrated chiefly on defence and security, the luxury sector has the opportunity to be well represented in the UK’s global trade ambitions.
A notable omission was the Online Sales Tax, although this remains under consultation. The tax has attracted considerable attention from both politicians and business since it was first proposed in early 2021. Avoidance of the matter in both the speech and accompanying briefing notes suggest that it has fallen down the political agenda. Given the current environment, it seems that imposing new taxes would not be the narrative the Government is looking to project to MPs or voters.
The Modern Slavery Bill, which will undoubtedly scrutinise all industry supply chains, as it will require firms with a turnover of over £36 million to publish an annual report on the measures in place to prevent modern slavery within their business operations.
Overall, the luxury industry should aim to play a critical role to play in delivering the Government’s plans for economic growth, whether through tourism, jobs or international trade. Over the coming year, this focus will provide us with strong opportunities to deliver on key ambitions, but also to show that our proposals are workable solutions to the economic challenges the UK currently faces.
