ABI’s response to the King’s speech

Bold plans for growth and investment

In response to the King’s speech, ABI director general Hannah Gurga praised the government’s vision for growth and investment. She highlighted the alignment of the insurance and long-term savings sector with the government’s ambitions:

“The King’s Speech sets out a bold plan for growth and investment as well as steps to support a healthy workforce. We share the government’s ambition, and the insurance and long-term savings sector stands ready as a partner to find solutions to some of the country’s biggest challenges.”

Gurga further expressed support for specific government initiatives. She notes the importance of removing barriers to energy infrastructure investment and implementing planning reforms. She said:

“We support the government’s plans to remove barriers to energy infrastructure investment and their proposed planning reforms, which are key to unlocking our industry’s full potential to invest in green and good projects. Through our investment delivery forum, we continue to work with our members to drive and track funding into suitable projects, to deliver the best returns possible for customers, the economy and environment.”

Planning and infrastructure bill

Turning to the planning and infrastructure bill, ABI director of general insurance policy Mervyn Skeet emphasised the necessity of improving housing stock and planning measures. Skeet noted:

“Improving both the quantity and quality of our housing stock is crucial and we welcome the government’s planning reform proposals. As we face more extreme weather events, we continue to advocate for planning measures that strengthen our nation’s resilience to climate change – including high-quality building standards and making sure new homes are not built in areas that have a high risk of flooding.”

He also highlighted the need for comprehensive planning and building standards to withstand various environmental challenges:

“We will work with government and other stakeholders to ensure building and planning standards are fit for the future. This includes making sure properties can withstand flooding, extreme temperatures, high winds and subsidence, as well as improving fire safety, e-charging capabilities, and energy efficiency. Such steps are vital to protect people’s homes for the future and must be considered in any legislation.”

Labour’s new deal for working people

On Labour’s new deal for working people, ABI head of health and protection policy Rebecca Ward welcomed the proposed enhancements to workers’ rights. She remarked:

“Labour’s new deal for working people is a welcome opportunity to bolster workers’ rights that promote a happy and healthy workforce. In particular, the focus on shared parental leave and flexible working is in line with what our DEI blueprint has been calling for.”

Ward also expressed enthusiasm for Labour’s pledge to introduce basic rights from day one of sick pay and underscored the role of health and protection insurers in supporting the workforce:

“We also welcome the Labour party’s pledge to introduce basic rights from day one of sick pay and look forward to working with the new government to further strengthen the statutory sick pay (SSP) system. Health and protection insurers have a pivotal role to play in supporting a thriving workforce. We want to work with the government and providers in an active partnership to address health-related economic inactivity.”

Pension schemes bill

Finally, ABI head of long-term savings policy Rob Yuille looked forward to collaboration on the pension schemes bill. He expressed support for the government’s approach:

“We look forward to working closely with the government to deliver on our mutual priorities for pensions. Plans for a pension schemes bill are welcome, alongside its promised review, and we support ambitions for successful, enduring policies that secure the best outcomes for savers as well as supporting the UK’s economic growth.”

Yuille emphasised the importance of evidence-based reform for long-term success:

“Any successful pension reform must work for the long-term, be evidence-based and have savers’ interests at its heart.”

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Emma Cockings Emma is a content editor for Claims Media. Emma is a experienced writer with a background in client-centric personal injury for a major firm. She has attended and reported on multiple brokerage events throughout her career.