• In a speech delivered by King Charles III on behalf of the administration, the U.K.'s new Labour government outlined legislative proposals including the nationalization of rail operators and reform of planning rules to accelerate housebuilding.
• A pledge of economic growth was yet again front and center in the speech, described in the opening lines as a "fundamental mission" which would help the country move on from the cost of living crisis.

LONDON — The U.K.'s new Labour government on Wednesday outlined a raft of proposed legislation, including the nationalization of rail operators and the creation of a publicly-owned clean power company.

In a speech delivered by King Charles III on behalf of the administration, the government said it is "committed to a clean energy transition that will lower bills for consumers over time," adding that it would establish Great British Energy, headquartered in Scotland, to help accelerate investment in renewable energy such as offshore wind.

The speech listed a broad range of proposals, many of which have already been announced. Labour said it would reform planning rules to accelerate infrastructure projects and housebuilding, strengthen the powers of the U.K.'s water regulator, give the police greater authority to tackle anti-social behavior and remove an existing tax exemption on private school fees in order to fund new teachers.

A pledge of economic growth was yet again front and center in the speech, described in the opening lines as a "fundamental mission" which would help the country move on from the cost of living crisis.

Charles said the government would "seek to establish the appropriate legislation to place requirements on those working to develop the most powerful artificial intelligence models," referring to the general-purpose AI systems being developed by the likes of Microsoft-backed OpenAI.

In a long-standing tradition, the monarch sets out a new government's policy agenda following a pomp-filled ceremony for the State Opening of Parliament. Earlier in the morning, the king and Queen Camilla travelled in a horse-drawn coach from Buckingham Palace to Westminster.

The speech is written by the government and delivered by the monarch, the U.K. head of state who wields only symbolic political power in modern times. The speech is a statement of intent and is not legally binding.

Left-of-center Labour won a landslide parliamentary majority earlier this month, taking control from the right-wing Conservative party for the first time in 14 years.

The government also said it remained committed to the proposed gradual increase in the legal smoking age and crackdown on the sale of vape products.

Other policies mentioned in the Wednesday speech include a bill to facilitate the production of sustainable aviation fuel, action to reduce National Health Service waiting times, a ban on "exploitative working practices," and a strenghtening of auditing and corporate governance.

The speech described devolution — the independent powers given to the various nations of the U.K. — as the "heart of a modern, dynamic economy."

London's Metropolitan Police said on Wednesday morning that it had arrested 10 people suspected of planning to disrupt the event.

— CNBC's Ryan Browne contributed to this story.