The MP for Telford, Lucy Allan, has welcomed improved growth, wage and job forecasts, as announced, today, by the Chancellor of the Exchequer, Phillip Hammond, and the independent Office for Budget Responsibility (OBR).
In a break with recent tradition, the Chancellor used his Spring Statement in the House of Commons as a "Mini-Budget" to announce that:
- £80m of funding will be released to support small businesses to engage with apprentices;
- The National Living Wage will rise to £7.83 per hour from next month – a pay rise of over £2,000 for a full-time worker since 2015;
- Day to day government spending will be in surplus in 2018-2019;
- Government borrowing as a percentage of GDP will fall in consecutive years through to 2022;
- Over £1.5 billion of Brexit preparation funding has been allocated to government departments for 2018-2019;
- The Government will bring forward the next business rates revaluation to 2021;
- The Housing Growth Partnership, which provides financial support for small housebuilders, will be more than doubled to £220 million;
- An estimated 60,000 first-time buyers have benefited from the Stamp Duty relief announced at the 2017 Autumn Budget;
- The Government will launch a call for evidence to tackle single-use plastic waste, and commit £20m from existing budgets to research ways to reduce the impact of plastics on the environment.
The Office for Budget Responsibility (OBR) also forecast, today, that:
- The UK economy will grow by 1.5% in 2018 – an upwards revision on its previous forecast;
- More jobs will be created in every year of this Parliament;
- Real wage growth will be positive from the first quarter of 2018-19 and increase steadily thereafter;
- Inflation will fall to 2% by end of year.
Commenting on today’s statement, and the forecasts by the OBR, Ms Allan said:
“Today’s news on growth, jobs and wages show that the Government’s plan for the UK economy is working.
“This balanced approach to our finances has created an economy where unemployment is at a near-record low, the deficit is down, and more investment can be put into public services like the NHS.
“The biggest take-away today, for many in Telford, is the increase to the National Living and Minimum Wage, which will benefit millions of workers nationally and give under 25s and apprentices their biggest pay rise in 10 years.”