A Budget to support jobs in Norwich

Last year the country was in the grip of the biggest recession in 300 years. Thanks to the Government’s Plan For Jobs, the UK today is recovering faster than our major competitors, more people are in work, and growth is up.  

People are concerned about the cost of living, people are thinking about jobs; and the figures released with the budget show that actually millions of people more are in work that might have been expected a little while ago considering where we've come from. 

The best way to help people to get on in life, and raise living standards, is to help people into work and to progress once in work. The Budget and Spending Review builds on the success of the Plan for Jobs by extending its most successful schemes, including: investment of over £900 million for each year of the Spending Review on work coaches who will help jobseekers on Universal Credit move into work and progress once in work, and support for older workers via an enhanced 50+ offer. 

This Budget also supports businesses with post-Brexit tax reforms, tax cuts and incentives to invest by cutting business rates by at least 50 per cent next year for 90 per cent of retail, hospitality and leisure businesses and freezing all rates. Any eligible business such as pubs, gyms, cinemas, restaurants and hotels can claim a 50 per cent discount on their bills, up to a maximum of £110,000 per business. Taken together with Small Business Rates Relief, that’s a business tax cut worth £7 billion. This  will be welcomed by hundreds of businesses in Norwich which means the chance of more good jobs in our city. 

Thanks to the economic plan, the UK recovery will be quicker than expected. The OBR now expects the economy to return to pre-pandemic levels by January, earlier than previously expected. 

And the long-term damage to the economy is expected to be 2 per cent rather than 3 per cent. 

Accordingly, this week the OBR revised growth up over the next 5 years, and have revised unemployment down to 5.2 per cent. This means that nationally over 2 million fewer people expected to be out of work than previously thought. 

And wages are rising compared to February 2020, they have grown in real terms by 3.4 per cent. 

As the OBR have commented, the Government’s plan has proven ‘remarkably successful’. 

After the Government introduced the National Living Wage in 2016, this Budget implemented the recommendations of the independent Low Pay Commission, raising the pay of 2 million of the lowest paid workers. Someone on the NLW will see an annual salary increase of £1,000. 

This Budget also increased public sector pay following a period of more targeted pay, which there are many of in our city which in turn supports local businesses. 

As the local MP, ensuring that we have more good jobs in Norwich is one of my priorities. To find out what I am doing to ensure this, please visit: https://www.chloesmith.org.uk/myplan/jobs 

You can also see my priorities for more opportunities for young people and families in Norwich, and better transport, more homes and much more, all backed by this Budget. 

I hope you find this information helpful.  The Government’ is committed to jobs, and so am I for us in Norwich.  If I can help constituents with any matter, please do email me on chloe@chloesmith.org.uk or ring my constituency office on 01603 414756.