The Government is continuing to support Norwich throughout this pandemic

The coronavirus pandemic has had an enormous impact on our economy and our national finances. I support the Government in the work to tackle the virus and protect jobs and livelihoods.

In 2020 the Government spent over £280 billion to protect life, jobs and livelihoods across the UK. In addition to innovations such as the furlough scheme, much of this has been provided via public services such as the NHS, local government, transport, and the welfare system.

I’ve already blogged (here: https://www.chloesmith.org.uk/local/news/recent-figures-show-that-norwich-north-has-a-higher-than-average-number-of-people-claiming-universal-credit-in-periods-since-the-pandemic) about the big support which has been provided to households in Norwich North through Universal Credit and other welfare schemes at this very tough time.   

It’s been important to support employers too, because of course people want to be in work not on welfare, and that’s where jobs come from.

Businesses across Norwich have benefitted from £134,777,147 worth of loans since the start of the coronavirus outbreak. This includes 2991 Bounce Back Loans – 100 per cent government-backed loans which are interest-free for the first 12 months – worth £88,224,191. The scheme ensures that small firms who need vital cash injections to keep operating can get finance in a matter of days, with no repayments due during the first 12 months.

In addition, 195 loans have been offered in Norwich at a value of £46,552,956 through the Coronavirus Business Interruption Scheme. This scheme has helped small and medium-sized businesses to access loans and other kinds of finance up to £5 million.

This year has been hugely challenging for businesses in Norwich, but these latest figures demonstrate the scale of support that the Conservative Government has put in place to protect livelihoods and businesses.

Other schemes are important to our city too. For example, I was delighted to see that as part of the Culture Recovery Fund, the Government extended a £1.8m lifeline to 11 Norwich cultural institutions. Quite a lot of constituents have been in touch with me seeking for support for the arts, and I think this shows how important it is to Norwich. It’s also about jobs as much as culture.

Never has the Conservatives’ agenda to level up the whole country been so important – and I will continue to support employers locally and ensure that hardworking families across Norwich receive the support they need.

Local authorities across Norfolk have so far received an extra £127m to support vital local services during the Covid-19 pandemic, with further funding confirmed for next year.

Over half of this funding has not been ringfenced, meaning local leaders can decide how to use the additional funds and which local services to boost investment to. This could include counselling services, delivering essential supplies to vulnerable families, and ensuring cherished green spaces are well maintained and Covid-secure.

The public health crisis brought on by Covid-19 has created a significant economic contraction with the Office for National Statistics confirming that UK GDP shrank by 9.9 per cent in 2020. In percentage terms, this is the largest annual fall since the Great Frost of 1709. Obviously, it is very worrying, and is a reflection of the awful things that have had to be balanced in all the judgement calls of the last twelve months.

However, the Government’s unprecedented economic and fiscal policy response has been possible because the UK entered the pandemic with the public finances under control. The next major step in Parliament will be the Budget in early March, where the Chancellor will set out important future decisions.

I know from all my constituency work that this has been a difficult period for Norwich, just as in the rest of the country. However, the support that has been provided is extensive. I am confident in the strength of the UK’s economy and I believe that our fine city and our country will bounce back stronger from the shock of Covid-19.