The Government’s balanced approach to the public finances has meant that the deficit has fallen by 80% since 2010, borrowing has fallen to its lowest level since 2001 and debt has started its first sustained fall in a generation. Employment has risen over the last year, breaking records repeatedly. Since 2010 there are 3.3million more people in work and 80% of the rise in employment has been generated by people moving into full time work.
Since 2010 the Government has put business at the heart of our economic recovery and it is only through a strong economy that we receive the revenue to invest in our public services that is why I am pleased to see continued successes of businesses both nationally and locally.
The Budget last month saw good news for our local businesses here in Norwich with a pledge to cut business rates by a third, saving up to 90% of all shops up to £8,000 each year. You can find more details about the pro-business measures in the Budget on my website at the below web address.
As we leave the European Union we are presented with unique opportunities to create our own businesses friendly rules and regulations. I am pleased to see that despite the anxiety around Brexit that our economy continues to grow. Indeed, Forbes has ranked the UK as the best country for business in 2018 and PwC predicts that the UK country could become the fastest-growing economy in the G7 between now and 2050.
I welcome the news announced today that the Prime Minister has formed five new Business Councils to advise Government on how to create the best business conditions in the UK after we leave the EU, embracing the opportunities of Brexit to build a stronger economy and create more, better paying jobs.
Some of the UK’s top business leaders will sit on the Councils, including bosses from ITV, the CBI, Rolls Royce, Tesco and Timpson. The Prime Minister will welcome the co-chairs of the Councils at Downing Street for the first time today, to set out their objectives and discuss issues such as productivity and international investment.
The UK has always been one of the best places in the world to do business and is a leader in sectors from advanced manufacturing to the creative industries. As we leave the EU, we have the opportunity to build a better economy for people all over the country, and these Councils will help us to achieve that.
I will be continuing my work in Parliament to work for businesses here in Norwich and to support a Brexit deal that sees the way through for more good jobs and investment for Norwich. We should always remember that it is the success of business, whether large or small, which creates jobs for people locally and that means prosperity, choice and opportunity.