Changing the way we live over the next five years

There were a total of 40 bills included in yesterday's King's Speech, with some likely to have big impacts on the lives of UK citizens. Here are the key bills and what they could mean for you.

- ALBERT TOTH & JABED AHMED

Budget Responsibility Bill

This was the first piece of legislation announced by the King, a signal from Labour of its emphasis on the mission of economic growth. The bill will introduce a “fiscal lock” by requiring any major tax or spending changes to be subject to an independent assessment by the Office for Budget Responsibility.

This is a policy that has long been floated by Labour and was detailed in the party’s manifesto. It is in line with chancellor Rachel Reeves’s vision of “securonomics” which sees economic growth and wealth creation prioritised with limited state intervention. Labour says the bill is designed “to ensure that the mistakes of Liz Truss ‘mini-Budget’ cannot be repeated”.

Housebuilding and planning

Building on Labour’s commitment to reintroduce mandatory housebuilding targets of 1.5 million new homes over five years, the King’s Speech included the Planning and Infrastructure Bill. This legislation will reform the planning process, speeding it up to allow more homes and infrastructure to be built. The bill will also reform compulsory purchase order rules and support local planning authorities.

“The current planning regime acts as a major brake on economic growth,” the government said. “The Planning and Infrastructure Bill will play a key role in addressing this constraint, unlocking more housing and infrastructure across the country and supporting sustained economic growth.”

National Wealth Fund Bill

A new national wealth fund has been designed to attract billions in private sector investment to support UK growth. Supported by £7.3bn in state funding, the fund is looking to secure roughly triple this in private investment, from sources such as pension funds, to boost the fund.