11 May 2022 - In order to keep up with the increasing cost of living in the United Kingdom, the government aspires to focus on economic growth. The Queen’s speech read out recently by Prince Charles delivers the start of a new parliamentary session.
“Her Majesty’s Government’s priority is to grow and strengthen the economy and help ease the cost of living for families,” said Prince Charles. He added that they are looking to boost living standards and “fund sustainable investments in public services”. They will be keeping an eye on public finances by reducing debt and by cutting taxes. The government is also working on supporting jobs and workers, especially the police in order to have safer streets in the United Kingdom.
The following solution has been found for the increasing energy prices: an Energy Bill will take place that will ensure the transition into “cheaper, cleaner and more secure energy”. In addition to that, a draft legislation will be implemented in order to “promote competition, strengthen consumer rights and protect households”.
Companies support economic growth
Companies in the United Kingdom support and are looking forward to this economic growth suggested by the government. The Confederation of British Industry Chief Policy Director Matthew Fell said that “infrastructure, energy security, and skills” as well as smarter regulation all play an important role in the long-term growth of the country. This will keep the UK leading in the financial sector and will encourage new technologies. He also claims that the government should shift its focus on realising its goals by working on investments needed and by dealing with the cost of living crisis.
The Resolution Foundation argues that living standards should be improved especially for low and middle income households, which will require the UK to come up with a new strategy. Moreover, real wage growth has been decreasing as average earnings seem to be higher weekly by only £2 than they were pre-financial crisis. Take our survey on Cost of Living in the UK and contribute to wage information in the United Kingdom