New figures published this week show there are four million more people in work since 2010. In North West Norfolk 3.2 per cent of the population are claiming unemployment benefits compared to 3.7 per cent across the UK. The unemployment rate nationally has halved from the level inherited by the last Labour government – with one million people lifted out of unemployment. 33 million people are in work today. The strength of the jobs market means more people have security for them and their families – and the self-esteem, pride, better health and other benefits works brings.
Helping more people into work is bringing down the number of job vacancies employers have. By doing so it will reduce some of the inflationary pressures in the economy. Since the peak of the pandemic the number of people not working but not seeking a job – clunkily called being economically inactive - has fallen by 300,000 meaning more people are benefitting from work and boosting the economy. That group includes older workers who took early retirement, students, people with caring responsibilities, and the long-term sick or disabled.
The government is rightly focused on growth and bringing inflation down to help everyone with the cost of living. One cost that is a particular bug bear constituents raise with me is filling up at the pump. While the government was cutting fuel duty, the competition watchdog has found that some supermarkets charged drivers 6p more per litre for fuel and failed to pass on lower prices. So to tackle this abuse new measures will force retailers to provide up-to-date price information so drivers can get the best deal.
Growing the economy also requires investing in infrastructure to improve connectivity. A new contract just awarded to CityFibre as part of the government’s Project Gigabit worth £114 million will connect 62,000 homes and businesses across Norfolk to the fastest broadband speeds. This will benefit locations including Castle Acre and a further 8,000 premises in North West Norfolk are being reviewed for inclusion. Last week I had a positive meeting with CityFibre’s Chief Operating Officer and Broadband Delivery UK’s Chief Executive about getting these premises added to the contract. All this rollout is in addition to commercial plans from Openreach and other companies.
The right incentives and support need to be put in place to create the conditions to encourage investment and grow companies. By focusing on long-term reform there’s been significant progress in terms of employment and competitiveness. The UK has had been the third fastest growing economy in the G7 group of major economies since 2010 – and the fastest in the past two years.
So that’s the record of Conservative governments since 2010: employment at near record highs and unemployment at near record lows. However, there is nothing inevitable about this success. Just look at the record of Labour governments – they always leave office with unemployment higher than when they started.
These are challenging times for families and businesses which is why the government’s priorities are growing the economy and halving inflation.
This article first appeared in the Lynn News on 14 July 2023
