Archive for Economy

42,000 jobs saved in Enfield Borough

42,000 jobs saved in Enfield Borough

The Government has protected 42,000 jobs through the ‘job retention scheme’ in Enfield Borough.

In more detail, this covers; 15,600 jobs in Edmonton, 12,700 jobs in Enfield North and 13,700 jobs in Enfield Southgate.

During this time of uncertainty due to Covid19 the Government’s Job Retention scheme has protected 42,000 jobs across Enfield Borough. This has ensured that households in Enfield Borough have been able to pay their bills, put food on the table and be able to spend money supporting local business – which will have saved many more additional jobs – as we reopen the economy.

Since the Job Retention Scheme has been launched the Government stepping in and helping pay people’s wages–through a scheme which is one of the most generous of any in the world–paying grants to support as many jobs as necessary. Any employer in the country–large, small, charitable or for profit–who promises to retain their staff, can apply for a grant to cover most of the cost of paying people’s wages. Government grants will cover 80 per cent of the salary of retained workers up to a total of £2,500 a month–above the median income.

This has been part of the Governments world-leading economic response to coronavirus. This includes the Coronavirus Job Retention Scheme, helping to pay people’s wages, an unprecedented package of loans and grants available to businesses, and a Bounce Back Loan Scheme that enables small businesses to borrow up to £50,000 and access the cash within days.

 

Microsoft goes to Enfield

Microsoft have announced they have signed an agreement to acquire Metaswitch Networks, who are a leading virtual network software, data and comms company.

This follows the recent acquisition of Affirmed Networks by Microsoft last month. Microsoft has stated it is looking to leverage the two organizations, extending the Azure platform.

Metaswitch has been an exciting and growing business over the years and works with over 1,000 communications service providers and network equipment providers across the globe. The acquisition has come at a crucial time as the industry transitions to 5G networks.

The acquisition of Metaswitch by Microsoft is a huge boost to the Enfield economy – and very much hope to see increased jobs and investment as a result. This news is so important as we move through the Covid19 challenge.

Microsoft coming to Enfield will put our community on the global tech / r&d map as a place to invest and grow. We offer great transport links both into London on the underground and the M25 on our doorstep. Enfield has demonstrated through companies like Metaswitch that we can innovate and have the talent to back this up.

Let this be the signal that now is a great time to invest in Enfield!

 

UK economy booming post Brexit

untitledThis month’s employment statistics show employment remains at a record high with 31.77 million in work, while unemployment stands at 4.9 per cent – the lowest for over a decade.

It’s great to see another record-breaking set of figures out this month with the unemployment rate at a 10-year low and wages growing healthily

We know that there are fewer children living in workless households too, which underlines our efforts to help people move into employment and to build a Britain that works for everyone, not just the privileged few.

But there’s more to do, and we will continue to work with businesses to help more people take up the wealth of opportunities out there in the economy.

Key statistics

Employment: 77 million (up 559,000 over the past year and up over 2.7 million since 2010).

Employment rate: 5 per cent (up 1.0 points over the past year and up 4.3 points since 2010).

Unemployment: 63 million (down 190,000 over the past year and down 878,000 since 2010).

Unemployment rate: 9 per cent (down 0.6 points over the past year and down 3.1 points since 2010).

Claimant count (Jobseeker’s Allowance and Universal Credit not in work): 771,000 in July (down 21,300 on last year and down 723,800 since 2010).

Wages: Pay including bonuses rose 2.3 per cent over the last year with private sector pay rose 2.4 per cent. Inflation over the same period remained low.

Labour always try and tell Britain that all these jobs are part-time, insecure and poorly paid – in fact:

Over the last year, over three quarters of the rise in employment has been from full-time work.

Since 2010, 95 per cent of the growth in employment has come from permanent employees or people working for themselves.

Real wages are continuing to rise strongly.

It was Labour that left people with fewer jobs and fewer opportunities:

The number of unemployed people increased by one million in Labour’s last term in office.

The number of people on unemployment benefit rose by 82 per cent in Labour’s last term.

Youth unemployment rose by 44 per cent under Labour – meaning young people were not getting the skills they need to get on in life.

The number of households where no member had ever worked nearly doubled under Labour.

This month’s figures are a testament to the hard work of millions across the UK and the efforts of the Conservative Government led by David Cameron and now Theresa May.

UK booming post Brexit with record employment

untitledThis month’s employment statistics show employment remains at a record high with 31.77 million in work, while unemployment stands at 4.9 per cent – the lowest for over a decade.

It’s great to see another record-breaking set of figures out this month with the unemployment rate at a 10-year low and wages growing healthily

We know that there are fewer children living in workless households too, which underlines our efforts to help people move into employment and to build a Britain that works for everyone, not just the privileged few.

But there’s more to do, and we will continue to work with businesses to help more people take up the wealth of opportunities out there in the economy.

Key statistics

Employment: 77 million (up 559,000 over the past year and up over 2.7 million since 2010).

Employment rate: 5 per cent (up 1.0 points over the past year and up 4.3 points since 2010).

Unemployment: 63 million (down 190,000 over the past year and down 878,000 since 2010).

Unemployment rate: 9 per cent (down 0.6 points over the past year and down 3.1 points since 2010).

Claimant count (Jobseeker’s Allowance and Universal Credit not in work): 771,000 in July (down 21,300 on last year and down 723,800 since 2010).

Wages: Pay including bonuses rose 2.3 per cent over the last year with private sector pay rose 2.4 per cent. Inflation over the same period remained low.

Labour always try and tell Britain that all these jobs are part-time, insecure and poorly paid – in fact:

Over the last year, over three quarters of the rise in employment has been from full-time work.

Since 2010, 95 per cent of the growth in employment has come from permanent employees or people working for themselves.

Real wages are continuing to rise strongly.

It was Labour that left people with fewer jobs and fewer opportunities:

The number of unemployed people increased by one million in Labour’s last term in office.

The number of people on unemployment benefit rose by 82 per cent in Labour’s last term.

Youth unemployment rose by 44 per cent under Labour – meaning young people were not getting the skills they need to get on in life.

The number of households where no member had ever worked nearly doubled under Labour.

This month’s figures are a testament to the hard work of millions across the UK and the efforts of the Conservative Government led by David Cameron and now Theresa May.

Supporting Small Business Saturday

downloadToday is Small Business Saturday. The idea of Small Business Saturday was first conceived
in the United States of America by American Express three years ago. So the idea has crossed the pond and not a moment too soon.

Waterbeach-9Why is it so important? With the growing competition from supermarkets, high street chains and online; times have never been tougher for independent business. Pictured left: Opening Waterbeach Post Office.

An interesting fact is that shopping locally keeps more of your spend in the local economy. Research shows that for every £100 spent in a local business, £68 is likely to stay in the community, as opposed to just £43 when spent in a chain.Lucy Shop Local 1

In my community of Waterbeach this message is so important. Since the barracks closed we have worked hard to put the local economy back on the right track. Personally I have always been committed to doing everything I can to help. Including the ‘Shop Local’ scheme.  Pictured right: with Lucy Frazer MP and Janice from JB’s Hair Salon.
In addition to chairing the ‘Shop Local’ business summit at South Cambridgeshire District Council (as pictured) The external business organisations commented on how unique it was to see such asummit sustained ‘Shop Local’ campaign in a community. From the summit the District Council made Waterbeach a pilot for their rural economic strategy.

Small business and shops are a vital part of a community – so don’t forget – support your independents today!

Snap shot of the Budget today

BudgetToday was the first Conservative budget in 18 years.

Here are some of the key announcements;

Growing the economy and getting the national finances under control with the national debt falling. So the the UK has a balanced plan to finish the job on the deficit and run a surplus – so our country lives within its means and we’re better prepared for whatever storms lie ahead.

Supporting working people with lower taxes. From next year the personal allowance will £11,000 before paying any income tax, so will boost the average taxpayers’ wages by £80 and taking 570,000 people out of tax all together. The 40p starting rate will be raised to £43,000, lifting 130,000 people out of this higher tax rate.

Cutting tax on business by reducing Corporation Tax to 18 per cent. The UK already has the lowest rate in the G20. Making us an attractive place to invest – creating jobs and business growth. The additional reduction will send out the message loud and clear that Britain is open for business.

Higher pay with a new National Living Wage. One of the most significant and landmark announcements is to introduce a new National Living Wage for all working people aged 25 and over. It will start next April at £7.20 an hour with a target to reach over £9 by 2020. It will mean two and a half million people get a direct pay rise. Those currently on the minimum wage will see their pay rise by over a third this Parliament, a cash increase for a full time worker of over £5,000. The Employment Allowance is being increased by 50 per cent so a firm will be able to employ four people full time on the new National Living Wage and pay no national insurance at all.

Taking the family home out of inheritance tax. Today there are more families pulled into the inheritance tax net than ever before. Our new residential allowance will mean you can pass up to £1 million on to your children inheritance tax free.

Strengthening the nation’s defences. The NATO pledge to spend 2 per cent of our national income on defence will be met – not just this year, but every year of this decade.

Putting welfare spending on a sustainable footing. Britain is home to 1 per cent of the world’s population; generates 4 per cent of the world’s economy; and yet pays out 7 per cent of all the welfare spending. Benefits will be capped at £23,000 in London and £20,000 outside London.

Tackling tax avoidance, evasion and aggressive tax planning. The package of measures put together finds the further £5 billion promised at the election and also tackling fundamental unfairness in the non-dom regime by abolishing the permanent non-dom tax status.

Improving the productivity of our economy. New Roads Fund – from the end of this decade, every single penny raised in Vehicle Excise Duty in England will go into that Fund to pay for the sustained investment our roads so badly need. This, alongside other measures to cut taxes for business, including an increased permanent Annual Investment Allowance at £200,000, will support business to invest and create more jobs.

The chancellor has said, “This Budget keeps us moving from a low wage, high tax, high welfare economy to a higher wage, lower tax and lower welfare society. It puts security first. The economic security of a country that lives within its means. The financial security of lower taxes and a new National Living Wage. The national security of a country that defends itself and its values. It is a big Budget for a country with big ambition”.

Waterbeach Post Office to move?

This week I received a letter from the Post Office Ltd, who have decided to start public consultation on their proposal to move the Post Office Waterbeach to the Village Stores on Chapel Street.

The Post Office have said that this is part of their modernisation process.

The Public consultation runs to May 21st. The online questionnaire is available at www.postofficeviews.co.uk entering ref 15011399

I felt this was important news to share so that everyone has ample time to have their say in the consultation.

A budget for the East of England

Today’s budget is good for the Country and good for the East of England – helping savers, first time buyers, business, agriculture and councils to name but a few.

Helping first time buyers with Help to Buy ISAs. In the East of England, this could help over 40,000 people to buy their first home in the next 5 years by giving them a 25 per cent bonus of the amount they have saved to help with the cost of their first home. Couples getting the full £3,000 will be able to receive a Government bonus worth 18 per cent of their deposit.

Backing savers with the Personal Savings Allowance. In the East of England, giving basic rate taxpayers a £1,000 Personal Savings Allowance and higher rate taxpayers a £500 Personal Savings Allowance could remove up to 1.63 million people from savings tax liability.

Giving more choice to savers with New Flexible ISAs. In the East of England, the latest figures show there were 2.2 million ISA holders that could benefit from being able to invest in a wider range of assets and 1.08 million cash ISA subscribers that could benefit from being able to take money out of their cash ISA and put it back later in the year without losing any of their tax-free entitlement.

Supporting farmers by increasing the period over which self-employed farmers can average their profits for income tax purposes from two to five years.

Delivering more homes The Government will continue to work with Babergh and Mid Suffolk on their proposal for the Suffolk Rural Growth Housing Zone, which could deliver 975 new homes. The Government also intends to create a joint venture between the Homes and Communities Agency and a private sector partner to lead development on the Northstowe site. It expects that three quarters of the homes started by 2020 will be built under direct contract with the public sector.

More funding for flood defences As a result of decisions made in the Autumn Statement, an additional £16.8 million will be made available in the first four years of the flood and coastal erosion programme, enabling five schemes to be delivered at least a year sooner than originally planned and a further eight new schemes to be included.

Improving roads by launching the Highways England Delivery Plan. The Delivery Plan sets out further detail on the roads investment programme from 2015-2021, setting out milestones for projects across the East of England. It confirms that the significant improvements to the A14 will commence construction by 2017. It sets out next steps on the new schemes announced in December 2014, including increasing capacity on the A1(M) in Hertfordshire, upgrading technology on the M11 from Stansted to Cambridge and widening the A12 from Chelmsford to Colchester, all of which will have started construction by 2020.

Investing in transport. The Government will provide a further £34 million to support the delivery of the Croxley rail link project, subject to a £16 million contribution from Transport for London and business case approval. The Government will also provide £4 million for further development work on the Ipswich Wet Dock Crossing and the Lowestoft Third River Crossing.

Supporting small businesses with the Broadband Connection Voucher scheme. The scheme is open to all SMEs, charities, social enterprises and sole traders and provides up to £3,000 to support broadband connection. The scheme in Cambridge, which has already issued 191 vouchers, is being extended for 12 months to March 2016. The scheme opened in Peterborough on 19 February and will be available in Ipswich and Norwich by 1 April.

Local authorities to retain the proceeds from growth in business rates. In Cambridgeshire and Peterborough, the Government is piloting an additional business rate retention scheme from 1 April 2015 which will allow these local authorities to retain 100 per cent of any additional growth in business rates above expected forecasts.

Investing in agriculture The Government will invest £11.8 million in creating a Centre for Agricultural Informatics in Harpenden, Hertfordshire.

Business booming in creative industries

New figures show that Britain’s creative industries are worth a record £76.9 billion – further encouraging news on the health of our economy.

Our creative industries – from film to IT to product design – are recognised as world leaders around the globe and these figures show that they continue to grow from strength to strength.

In just two years we’ve seen over 100,000 new jobs created in IT and almost 30,000 new jobs in our design industry – jobs that are providing families with economic security and a pay packet at the end of the month.

These figures are a testament too to the importance of our long-term economic plan. It is vital we keep on the road to a stronger economy, helping our businesses create the jobs that Britain needs.

Balancing the UK books

The Chancellor has put forward the Charter of Budget Responsibility, which sets out a clear money
timetable to get the current budget into balance by 2017/18.

In the meantime the two Ed’s continue their shift to the left producing the failed policies of old Labour – more taxes, more spending – whilst saying we need to reduce the deficit, but voting against the measures to bring it down!.

labourThe contrast could not be more clear with the intervention by the head of the Institute for Fiscal Studies has warned that Labour’s policy for more borrowing risks adding £170 billion to the national debt by 2030. Heaping on more debt for future generations. We need to live within our means now.

This country has come a long way since Labour left us with one of the worst deficits in history. Labour haven’t learnt their lesson and give every indication they would make the same mistakes again given the chance.

Britain faces a choice this May – whether to stick to the competent, long-term plan that is turning our country around, or to put it at risk with the people who crashed the economy in the first place.