King’s Speech focuses on economic security, chancellor hails strong GDP growth and ship seized in Strait of Hormuz

King Charles III’s speech prioritized economic security, highlighting concerns about the volatile international environment, including the conflict in the Middle East. The UK economy experienced a 0.6% GDP growth in the first quarter of 2026, despite supply chain disruptions and the seizure of a ship in the Strait of Hormuz. The government is working to improve economic relations with Europe and strengthen economic security.