'New legislation to strengthen the United Kingdom’s financial services industry’ mentioned in the Queen's Speech today, could be in reference to the Solvency II consultation says Colliers' Head of Research and Economics, Dr Walter Boettcher.
Dr Walter Boettcher, Head of Research and Economics at Colliers commented: “For commercial property, the most important message in the Queen’s Speech was embedded in the idea of exploiting opportunities arising from the UK departure from the EU. No details were provided, but ‘legislation to strengthen UK financial services for all’ may be an oblique reference to the Solvency II consultation formally launched by the Treasury on April 28th. Described as reform of the prudential regulation of the UK insurance sector, the consultation is set to close on 21st July 2022.
"This reform has the potential to release tens of billions of pounds of investment in UK infrastructure and regional regeneration across the UK by effectively reducing capital buffers and risk metrics for insurance and pension funds. This arises directly from the UK departure from the EU and is likely to result in legislation later this year. Though it receives little attention in the press, it is fundamental to scaling up the levelling up agenda. If the pageantry associated with the Queen’s Speech is meant to suggest, if only symbolically, a ‘fresh start’ to government business, then pursuing such an agenda is a worthy point of fresh departure."