Home   News   Article

Subscribe Now

‘We need to focus relentlessly on growing the economy’





In his weekly Lynn News column, MP James Wild discusses the economy...

Top of the list of issues constituents consistently raise with me is the economy. Halving inflation hopefully marks a turning point and this week the Prime Minister set out a plan to further strengthen the economy.

First, the government will get borrowing and debt down so inflation continues to fall and mortgage rates reduce. Interest rate rises by the Bank of England have done much to drive out inflation but action by the government such as holding down energy prices and down borrowing has had an effect. It is concerning Labour is committed to increasing borrowing by £28billion a year, putting pressure on interest rates and inflation.

MP James Wild, seen here during a visit to Walpole Cross Keys Primary School, says he is pleased at the progress schools have been making locally in improving performance
MP James Wild, seen here during a visit to Walpole Cross Keys Primary School, says he is pleased at the progress schools have been making locally in improving performance

Second, cutting tax and rewarding hard work. The tax burden is too high, reflecting major shocks to the economy from Covid and then war in Ukraine. The National Living Wage will increase to £11.44 from April and be extended to 21 and 22 year olds for the first time – a pay boost worth £1,800 for a full time worker. With inflation falling, we can start cutting taxes which Conservatives believe in and as the Chancellor did in the Autumn Statement.

In addition, the new Back to Work Plan represents the next phase of welfare reforms which ensure that work pays and will support more people on benefits able to work, back into work. The Restart Scheme will be extended to help prevent people becoming long-term unemployed. If someone is unemployed after 12 months they will be expected to take a job, take up mandatory work placements, or have other intensive support to find a role.

The third element of the plan is building domestic, sustainable energy as energy security is essential for growth. That means more offshore wind, solar, new nuclear, as well as using home-grown oil and gas reserves.

It is the private sector that drives growth and generates the wealth that helps to fund the NHS, schools, the police, and other public services. The most productive economies have higher investment levels and by taking steps to cut taxes on businesses we can boost growth and living standards.

The final element is having a world class education system. Since 2010 the proportion of schools rated good or outstanding has increased to 88 per cent from 68 per cent. I’m pleased at the progress schools have been making locally in improving performance. Next year school funding will be at its highest level per pupil in real terms although I know from talking to headteachers there are still challenges especially in funding special educational needs.

The pandemic led to huge financial support being put in place with 10,000 people locally and millions nationally were furloughed. Significant support was provided to companies The rollout of vaccines and testing came at a significant cost. £94billion of cost-of-living support is being provided.

Ultimately, that must be paid for. That’s why we now need to focus relentlessly on measures to grow the economy to put more money in people’s pocket so they have more secure lives for themselves and their families.



This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More