Westminster Diary - Manufacturing and the UK Economy

Last week I visited the Manufacturing Technology Centre, within the Rugby constituency, where the Chancellor outlined yet another example of the Government’s commitment to supporting UK manufacturing and industry through a new £60m investment scheme.

This investment will bring with it 750 new jobs and will support our country’s aerospace industry. It is an ambitious scheme and is an example of the Government’s long term economic plan to get the UK back on a stable footing and to put UK PLC at the forefront of new high-tech technologies. 

Under the previous Government manufacturing halved as we neglected one of the cornerstones of our economy. Under this Government manufacturing and British industry is enjoying a renaissance with growth in output at its strongest since 1995 as companies such as Jaguar Land Rover and Rolls Royce enjoy record sales. 

It is clear the Government’s long-term economic plan is working. Our economy is being rebalanced with 1.6m new jobs having been created in the private sector since the last General Election. Also businesses, as well as households, are benefitting from record low interest rates, GDP is up, Government borrowing is down, UK growth forecasts are being upgraded and our economy is growing at the fastest rate in the developed world. 

This Government has also cut the last Labour Government’s deficit legacy by a third, cut income tax, frozen fuel duty, kept mortgage rates at record lows so hard working people can once again get on the property ladder, cut immigration and capped benefits so it no longer pays to be out of work. This Government is also delivering the best school and skills for our young people and apprenticeships are being taken up in record numbers. 

Whilst this Government has stuck to its long term economic plan and has got this country back on the right track Ed Miliband and Ed Balls have no ideas and no credible plan for the challenges ahead. Labour want the country to adopt their Plan B:  a plan for more borrowing, of the kind which brought this country to its knees, and a return to the something for nothing culture which saw the welfare state grow out of control and immigration go unchecked. 

There is still much to do but it is clear that this Government is restoring pride and strength to our economy and its reliable long-term economic plan is working.