Our economy is moving from rescue to recovery. Figures recently released by the Office for National Statistics show that it grew by 0.6% in the last quarter with growth in the constructions, services and agriculture sectors.
But it is was most pleasing to learn that in the manufacturing sector we saw the strongest growth in two years. The progress being made in this sector is being seen locally with the recent news that a new engineering academy is to be established in the area and will open in 2014.
This is positive news and it shows that the Government is doing the right things. When it took office this Government had to address one of the biggest economic crises since the Second World War and tough decisions had to be made. Under the previous Government manufacturing halved, unemployment rose and our national debt soared. Thankfully this Government took the decisive and firm action necessary to revive our economy for the long term.
Now the fruits of those sensible, essential and correct, actions are bearing fruit. GDP is up, employment is up and not only is unemployment down buy crucially youth unemployment is down and the number of people claiming Jobseekers’ Allowance is down. On top of this the deficit has been cut by a third, export activity is at its highest levels since 2007, 1.3m jobs have been created in the private sector, mortgage rates are at record lows, the Help to Buy scheme is flourishing, crime is down, benefits have been capped and net immigration is falling.
Despite this welcome news times are still tough for many hard working people and families across the country and that is why income tax has been cut for 25m people, council tax has been frozen for 3 years, free childcare has been extended, the Basic State Pension has seen its biggest ever cash rise, fuel duty has been cut and a penny has been taken off the pint.
Given the terrible state of the nation’s finances when this Government came to power the road to recovery was never going to be easy. By making the tough decisions for our country whilst supporting hard working families this Government has been able to lead us into economic revival. There is more to do but it is clear we are on the right path.