Today marks the state opening of Parliament and the anticipated King’s Speech, where King Charles will deliver the government‘s agenda for the upcoming parliamentary session.
This speech, crafted by the government, will unveil ambitious plans including a promised “new deal for working people” set to feature in an employment rights bill within the first 100 days of government.
Among the legislative highlights are proposals for significant reforms in the railway sector and the establishment of Great British Energy – a state-owned entity aimed at investing in renewable energy projects such as offshore floating wind farms and clean hydrogen technologies.
Notably, while it won’t directly supply energy to consumers, the firm is slated to generate power and manage renewable projects alongside private sector partners.
In their manifesto, the Labour Party committed to establishing Great British Energy in Scotland, funded by a windfall tax on major oil and gas companies, expected to generate £8.3 billion over five years.
Additionally, ministers are expected to introduce legislation to create a National Wealth Fund, earmarked to inject £7.3 billion into infrastructure and green industries over the next five years.
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