The Queen’s Speech 2022 – key takeaways for regional growth

The Prince of Wales set out the government’s priorities for new laws in the context of the rising cost of living and increasing cost of doing business. We welcome high-level ambitions to level up and grow the economy, tackling long-standing regional inequalities – but firms are ultimately more concerned about delivery.

Key takeaways for regional growth

Levelling Up Bill

• Going Digital: £6 billion committed to bring gigabit capable broadband to 85% of the UK and to provide 95% of the UK population with 4G by the end of 2025.
• Local Transport: The Levelling Up Bill allocated £5.7 billion in eight cities outside of London, £5 billion of funding for buses and active travel and £96 billion for the Integrated Rail Plan which is focused in the North and Midlands.
• Freeports: the government committed to maintaining support to the current freeports and to establishing more around the UK, as shown by the £26 million deal for a new freeport in Wales.

Levelling Up and Regeneration Bill

• GDP boost: this bill highlights that if Levelling Up is successful in all regions and nations the GDP could be boosted by £180 billion.
• Devolution: it committed to giving all areas in England the opportunity for a devolution deal by 2030.
• Rental agreements: it also gives more powers to local authorities to bring empty premises back into use and instigate rental auctions of vacant commercial properties in town centres and on high streets.

Our CBI experts have analysed the Queen’s Speech 2022 in full – read key insight, and find out what this year’s speech means for your business.

What was missing from the speech for regional growth?

• Planning reforms – many firms would benefit from more streamlined planning processes and the speeding up of planning consents. The omission of a stand-alone Planning Bill is disappointing and a missed opportunity to drive economic growth
• Levelling Up – employers support proposals which can h