This week, figures show that the UK economy is growing again, and GDP is up. UK gross domestic product (GDP) is the measure of the size of a country’s economy and is used to indicate the health of that economy. If it is growing fast that means resources available to people in the country – goods and services, wages and profits – are increasing. These growth figures show that the economy is turning a corner.
In October 2022, the Bank of England expected the longest recession in 100 years, and the Office for Budget Responsibility said the economy was going to shrink by 1.4%. But that didn’t happen. The economy grew last year, is growing this year, and is forecast to grow faster than France, Germany, Italy, Japan over the next six years. We have made good progress since October 2022. For example, inflation has fallen to its lowest rate for two and a half years. Mortgage rates are down from their peak and wages have grown in real terms for nine months in a row. That shows that the plan for our economy is working. Because of the progress we have made, we’ve been able to bring taxes down so that you can keep more of your money.
We’ve already cut the National Insurance tax for employees by a third - meaning those earning the average salary will receive an extra £900 per year in their pay packet. We think it’s unfair that workers pay two taxes on their income – income tax and National Insurance – when those who earn their income from other sources only pay income tax. That’s why we want to keep cutting National Insurance until it’s gone. That’s our plan: lower taxes, lower inflation, together with higher growth and higher wages, so that you can build a better future for yourself and your family.
RABI, the UK’s leading farming mental health charity, announced at the House of Lords that it would be increasing its spending on mental health services by up to £10 million over the next five years. Joined by around 100 politicians, opinion formers and farming sector leaders, RABI’s pledge was made as they launched their year-long Empowering the Worth and Wellbeing of Farming People initiative. I know from many discussions with North Cornwall’s farmers that the stresses that come with farming and looking out for the welfare of those within the industry, your friends and neighbours and those who you care deeply about is something that we can all do, and all participate in.
I hold regular advice surgeries across North Cornwall, over the phone and online to book in please contact me via [email protected] or 01208 74337. I am running a survey on my website to find out your views and priorities for North Cornwall. If you would like to take part, please visit https://www.scottmann.org.uk/tell-me-your-views. Paper copies of the survey can be made available on request by telephoning 01208 74337.
