Essential Dates for the 2024 General Election: Scheduled Timings for the King's Speech and Budget Presentation
New Government Takes Office: A Look at the First Week
After a hard-fought general election, the Labour Party, led by Sir Keir Starmer, has emerged victorious with a 170-seat majority. On Tuesday, 9 July, Parliament will formally return, and MPs will elect a speaker. On the same day, they will also swear an oath to King Charles III.
Sir Keir Starmer has moved into 10 Downing Street and is putting together a cabinet team, with Rachel Reeves, Yvette Cooper, and David Lammy expected to be part of it. The state opening of Parliament, where King Charles III will read out the legislative agenda for the political year ahead, will take place on Wednesday, 17 July.
The first bills of the new government are expected to begin making their way through Parliament from 17 July onwards. However, it may take several weeks before any meaningful change occurs due to the legislative process.
During the pre-election period, there were no MPs, but government ministers technically remained in their positions. They were restricted in their actions due to conventions and the ministerial code. Now, with a new government in place, these ministers will have more freedom to act.
Given market sensitivities, there will be at least 10 weeks between the election and the fiscal event. The Budget or statement will not be able to take place until Friday, 13 September, assuming the new government issues an instruction to the Office for Budget Responsibility on 5 July. It seems highly unlikely that the new government would do a Budget without the OBR's report, following the calamitous mini-Budget in 2022.
In other parts of the world, the political landscape has also undergone changes. In Germany, the Union (CDU/CSU) led by Friedrich Merz became the new government following the break-up of the previous traffic light coalition and a provisional budget management since January 2024.
Between Tuesday, 9 July, and the King's Speech (17 July), opposition party leaders may step down from their roles. There could be a Parliamentary recess at some point, potentially in late-July or August, but the start and end dates have yet to be determined.
As the new government settles in, the focus will be on implementing the policies set out in Sir Keir Starmer's manifesto, which includes reforming wealth taxes, boosting the property market, and widening access to physical banking. The coming weeks and months will be crucial in shaping the future of the country.
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