Luxury Insight

What does the Queen’s Speech mean for British luxury?

Prince Charles delivered the Queen's Speech last week, setting the agenda for the Government's priorities over the coming months. Here, our corporate affairs and communications agency Hawthorn Advisors breaks down the points of note for our industry and how these could affect British luxury brands moving forward.
17th May 2022
Share this article
Luxury Insight What does the Queen’s Speech mean for British luxury?

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.

hawthornadvisors.com

Share this article

Related Articles

Ron Welsh, Master Blender at Bowmore, shares his Out of Office essentials
Out of Office
1st Jul 2022
Ron Welsh, Master Blender at Bowmore, shares his Out of Office essentials
In our Out of Office interview series, we speak to Walpole member executives at the top of their game about how they live their lives away from their desks – the habits that help them decompress, the activities that re-centre their minds, and the little luxuries that they can't live without. This week, it's the turn of Ron Welsh, Master Blender at Bowmore whisky distillery...
Listen to the Walpole Weekend Wind-Down playlist, curated by Brown's Hotel
Walpole Weekender
1st Jul 2022
Listen to the Walpole Weekend Wind-Down playlist, curated by Brown's Hotel
Every month we ask a different Walpole member to put together a playlist to help you transition into weekend mode after yet another high-stress week at work. Our July edition comes courtesy of Mayfair institution, Brown's Hotel...
Kathryn Sargent on shaking up Savile Row
The Disruptors
30th Jun 2022
Kathryn Sargent on shaking up Savile Row
In our new series of monthly interviews, Mark Harvey – Walpole Board Member and Chief Marketing Officer of Chapel Down Group – will speak with some of the fastest rising stars of British luxury who are challenging the established players in their sectors. First up, the indomitable Kathryn Sargent...