BSA responds to the legislative announcements in the King’s Speech

Robin Fieth, Chief Executive at the Building Societies Association (BSA), responds to the legislative announcements in the King’s Speech.

Housing and planning:

“We welcome the plans to revise the planning framework to get Britain building again.

“A coherent plan to build more homes across all tenures, enabling diversity of supply, as well as delivering the necessary infrastructure, is vital to address the current housing crisis.

“Building societies and credit unions look forward to working with the Government to help more people buy a home of their own.

“The Renters’ Rights Bill which aims to improve the private rented sector to prevent no fault evictions and empower tenants to challenge unreasonable rent increases is welcome and we look forward to seeing the detail.”

Audit reform:

“We welcome the Government’s commitment to publish draft legislation to reform audit and corporate governance and remove unnecessary rules on smaller companies defined as Public Interest Entities.

“Audit fees for the sector have almost tripled over the past five years.

“We will be looking for greater proportionality in the audit regime for smaller, simpler businesses that are currently classified as Public Interest Entities.”

Industrial Strategy Council:

“The announcement to establish the Industrial Strategy Council is welcome as business needs to be involved if the Government is to deliver on its growth agenda.

“By including mutuals and co-operatives the Government will make a strong start to delivering on its commitment to double the co-operative and mutual economy.”

Kindly shared by The Building Societies Association (BSA)