The King’s Speech is a much-anticipated event at the State Opening of Parliament. It is written by the government, this time Labour led, and was delivered on 17 July by King Charles III. In the speech, the Labour government could detail bills which it intends to introduce to Parliament, as well as policy priorities which do not require legislation.[i]
For dental professionals, the speech included some interesting insights into Labour’s vision for the future. Intentions for changes to workers’ contracts and employment rights were laid bare, with pledges for the NHS and public health woven in too. However, the event began with promises for change to economic policy and how it is reviewed.
Stability as a cornerstone
The King’s Speech led with the line: “Stability will be the cornerstone of my Government’s economic policy and every decision will be consistent with its fiscal rules”.[ii]
Under the anticipated Budget Responsibility Bill, all significant tax and spending changes will be independently assessed by the Office for Budget Responsibility.ii For dental professionals, this means that changes to tax and investment into healthcare will first be run past the public body that currently examines and reports on the sustainability of the public finances. The Charter for Budget Responsibility published in 2023 said that this duty feeds into the Treasury’s fiscal objective for sound and sustainable public finances.[iii]
This does not necessarily indicate which taxes will be changed, when, and by how much. But, with the help of independent financial advisers, dental professionals may be able to foresee changes before they are implemented, and act accordingly.
Protecting pensions
The inclusion of a Pension Schemes Bill was a surprise to many, but could see pension savers have an additional £11,000 or more in their pots.[iv] It is made up of various measures, but promises to ensure individuals don’t lose track of their pension pots through the consolidation of defined contribution individual deferred small pots. It will also change the rules for end of life and the definition of ‘terminal illness’ to allow some members of the Pension Protection Fund and the Financial Assistance Scheme to receive a lump sum payment earlier.iv
Changes to employment rights
Some of the most anticipated changes forecast by this rendition of the King’s Speech were those that impacted employment rights. In the talk, His Majesty only went as far as saying that work will be completed to make “work pay” and that legislation will “introduce a new deal for working people to ban exploitative practices and enhance employment rights”.ii
Under the Employment Rights Bill, promised to be introduced within the first 100 days of the Labour government,[v] zero-hour contacts would be banned, and parental leave, sick pay, and protection from unfair dismissal would be available from day one of a new job for all workers. For members of the dental team, this means increased freedom whilst in employment contracts. Those who have recently had a child will be secure in their jobs for six months following their return to work. Such a change brings stability to many members of the team, no matter their role.
Changes to dentistry as a whole
The Tobacco and Vapes Bill, which has long been debated, is set to be introduced.ii With it, the age at which people can buy cigarettes will progressively increase, welcoming a smoke-free generation. Limits will also be imposed on the sale and marketing of vapes. Smoking is heavily linked to tooth staining, gum disease, tooth loss, and mouth cancer.[vi] It is hoped that younger patients will grow up to face less of these problems as a result of the ban.
Overall, it was an as-expected eventful King’s Speech, with many new changes for dental professionals on personal financial fronts, and through potential occupational changes as a result of patient health.
Dental professionals may be considering how this impacts them specifically, and what they can do to enhance their personal finances as a result of the changes. Consulting the independent financial advisers at money4dentists, a team that has solely supported the profession for decades, is a fantastic chance to learn more about the steps you may want to take. Dental professionals can hear from industry experts on what the speech means for their unique financial situation, and develop greater financial reward from there.
July’s King’s Speech sets out bold targets that will affect dental professionals. Understanding how the changes will impact you is essential for the coming future.
For more information, please call 0845 345 5060 or 0754DENTIST.
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References:
[i] GOV.UK, (2024). What is the King’s Speech and what does it mean for me? (Online) Available at: https://www.gov.uk/government/news/what-is-the-kings-speech-and-what-does-it-mean-for-me [Accessed July 2024]
[ii] GOV.UK, (2024). The King’s Speech 2024. (Online) Available at: https://www.gov.uk/government/speeches/the-kings-speech-2024 [Accessed July 2024]
[iii] HM Treasury, (2023). Charter for Budget Responsibility, Autumn 2022 update. (Online) Available at: https://obr.uk/docs/dlm_uploads/Charter_for_Budget_Responsibility_AS22_FINAL_as_published_in_draft.pdf [Accessed July 2024]
[iv] Khan, A., (2024). Deep dive into the pension schemes bill. FT Adviser. (Online) Available at: https://www.ftadviser.com/pensions/2024/07/17/deep-dive-into-the-pension-schemes-bill/ [Accessed July 2024]
[v] Jones, A., (2024). The huge changes to employment rights unveiled. (Online) Available at: https://www.independent.co.uk/news/uk/home-news/employment-rights-bill-changes-rights-b2581280.html [Accessed July 2024]
[vi] Oral Health Foundation, (N.D.). Smoking and oral health. (Online) Available at: https://www.dentalhealth.org/smoking-and-oral-health [Accessed July 2024]
