PwC’s industry experts comment on the 2026 King’s Speech

Digital Access to Services Bill / Enhancing Financial Services Bill

Darren Ketteringham, Financial Services Leader, PwC UK, said:

"There are some welcome moves here. Greater clarity in how the Financial Ombudsman Service operates should strip out uncertainty and give firms the confidence to keep innovating rather than pricing for worst-case scenarios, while reforms to SM&CR recognise that accountability is strongest when it’s focused on where it really matters.

"Modernising ringfencing points towards a more proportionate, more flexible system that works for today’s markets. The opportunity now is to follow through quickly and cleanly. Done well, this is about cutting friction, not corners and giving firms the space to support investment, lending and growth across the UK."

Rachel Taylor, Government and Health Industries Leader at PwC UK, says: 

“Many financial services leaders agree there is a clear and pressing need for UK business to implement a trusted digital identity. It should be treated as basic economic infrastructure, helping to reduce fraud and cut duplication across the economy.  In recent years, the UK has missed a trick - Sweden, Belgium and Singapore have all reaped real economic benefits from implementing varying forms of voluntary digital identity.

“Our research with TheCityUK shows the potential impact in the UK could be substantial. For example, digital identity adoption could transform the homebuying process by reducing the average 18‑week completion time to just a few days and cutting the current 31% fall‑through rate to single digits. This would be achieved through digital conveyancing, shared data platforms and e‑signatures, lowering costs and improving transparency across the entire chain.

“Government has already moved forward by establishing a clear trust framework, and the technology already exists. The next step for digital identity for business is adoption at scale so firms can start delivering faster, safer services.”

Steel Industry (Nationalisation) Bill

Cara Haffey, Leader of Industry for Industrials and Services at PwC UK, said:

“Measures to safeguard domestic steel production and invest in major infrastructure reflect the growing recognition of industrial sectors as strategic national assets, underpinning supply chain resilience and competitiveness. 

“For industrial and manufacturing businesses, the operating environment has been tough. Our Executive Survey with Make UK at the start of 2026 showed that despite cost pressures and economic uncertainty, manufacturers are ambitious for growth.

“Action to tackle late payments, unlock infrastructure investment and support more efficient trade could make a difference and contribute to easing cost pressures, strengthening supply chains and creating a more stable environment for growth.

“However, as new requirements are introduced, particularly in areas such as employment and regulation, it is vital that they are proportionate and supported by clear guidance. These measures play an important role in supporting workers, but we can’t afford to tip the scales too far. The challenge will be balancing this with the cumulative cost pressures facing businesses. Ultimately, translating this ambition into coordinated, long-term delivery will be key.”

Energy Independence Bill 

Vicky Parker, Energy, Utilities and Resources Leader at PwC UK, said: 

 “The Energy Independence Bill is a positive step forward, and we welcome the renewed focus on energy security. That shift is vital given the recent disruption to energy markets from the Middle East conflict and the UK’s experience of earlier crises. The key question now is how this will position the UK internationally, keeping energy costs competitive for businesses and households, while attracting the private capital needed to deliver the plan.”