PwC comments on King's Speech - Economic growth at the heart of the agenda but achieving this will be no mean feat

Barret Kupelian, Chief Economist at PwC UK says:

“Stability and predictability were consistent themes in today’s King Speech which is a clear indication of the priorities the new Government wants to focus on in the near term. 

“The big picture areas of focus are to develop an industrial strategy, reform planning and reduce economic inactivity. If dealt with successfully, these interventions are likely to reap large economic and other benefits.

“In today’s release of our UK Economic Outlook we find that reducing economic inactivity and implementing a sensible industrial (and services) strategy could get the country closer to Labour’s ambitious mission to secure ‘the highest sustained growth in the G7’ over the next decade. 

“Overall, the main message from today’s speech was that dull and technocratic politics is back. We now have the contours of what the Government wants to achieve, so emphasis will now shift on implementation of the key elements which will be no mean task.” 

For more on PwC’s UK Economic Outlook, read here: https://www.pwc.co.uk/press-room/press-releases/uk-economic-outlook-july-2024.html