The Queen’s Speech today set out the government’s agenda at the State Opening of Parliament. Announcements included increases to the National Insurance (NI) threshold, further support to Research and Development (R & D) credits and changes to business rates.
The second Queen's speech in the space of nine weeks produced few surprises and policies related to tax issues were short on detail. Major policy objectives included:
- An increase in the national insurance threshold,
- An increase to the living wage,
- An increase in tax credits for business R & D.
- Changes to business rates.
Several policy areas only received passing comment, such as climate change policy and it also included a promise to develop a cross-party consensus on the future of social care in the UK.
Announcements on key tax changes are normally reserved for the chancellor to make during the budget. The next budget is expected to be in February. The Prime Minister had said, during the run up to the general election, that the proposed cut in the rate of corporation tax to 17% would be shelved.