Next Wednesday (19th March), The Chancellor, George Osborne, will deliver his fifth national Budget. Chelsea and Fulham MP, Greg Hands, is looking forward to a package of measures that will put Britain on an even stronger footing, to continue its strong recovery under the Conservative led Government.
As a result of the Conservatives’ long-term economic plan, the economy is now growing faster than any other major European economy; there are 1.6 million more jobs and unemployment has come down sharply. The private sector has created 4 jobs for every 1 lost in the public sector over the past three years. Other indicators show that Britain’s economy will be growing faster than any of the other G7 counties by the middle of this year, and that almost two thirds of small firms expect to grow in the next 12 months.
But the recovery is not yet secure and the economy needs a better balance. Britain needs to invest more and to export more. That’s why next week’s Budget will confront these problems and safeguard the recovery in the face of ever present global threats.
Greg Hands said “I hope the Chancellor will deliver a Budget that supports a Britain that invests and exports. The Budget will lay the foundations for long-term economic security, for hardworking people and their families.”
When the Coalition was formed, the country was borrowing nearly £160 billion a year and unemployment had increased by nearly half a million under Labour. Britain had suffered the deepest recession in its peacetime history and had been left with the biggest budget deficit in the developed world. George Osborne and the incoming Government had to take difficult decisions to deal with this mess and control spending.
Thanks to the sacrifices of the British people, the economic plan is working - but the job is not yet done. The deficit has been cut by a third; there are 1.6 million more private sector jobs and 400,000 more businesses. But many risks remain. These are the early stages of the recovery, and Britain’s economic achievements should not be put at risk.
Greg added: “We need to stick with our long-term economic plan because it is the only sustainable way to raise living standards. It is already delivering low mortgage rates and lower taxes – backing people who want to work hard and get on. We would put all of this at risk, if we listened to Labour’s calls for more borrowing, more spending and more debt – that would mean higher taxes and higher mortgage rates. Now is the time to stick with our long-term plan to fix the British economy.”