A stronger economy - locally and nationally


By 2015, Cheltenham was enjoying its strongest economy in years with a big drop in unemployment, local businesses reporting healthy order books and both businesses and householders still enjoying low interest rates and mortgage payments.  Martin backed both the coalition government and Cheltenham's LibDem-led council in taking the tough decisions necessary to build sustainable prosperity and worked hard to lobby for and promote local business. 

All this is now at risk from the Conservative's suicidal drive towards a hard 'Brexit' which could could see the UK drop out of the world's largest single markest like a crate of eggs out of the back of a lorry.  The Conservatives' initial arrogance and agrressive approach towards the EU negotiations and their chaotic and unco-ordinated approach to Brexit generally is undermining business confidence further.

Watch Martin as our MP back in more cheerful times, promoting Cheltenham Chamber of Commerce's new business centre here:

Martin promoting the Chamber of Commerce business centre

 

In 2010, the new coalition government inherited a massive financial crisis from the last Labour government.  Whoever you blame, the situation in the 2009/10 financial year was that:

  • Government was spending £153 billion pounds* a year more than it was raising
  • This represented 10.2%* of GDP (the value of the economy)
  • If this hadn't been brought under control, our economy would quickly have gone the way of Greece and others and our interest rates - which set the cost of borrowing by businesses as well as your mortgage - might have skyrocketed, doing serious damage to the economy, increasing the cost of living for homeowners and throwing millions out of work
  • Unemployment in Cheltenham was already 2251 or  4.5%**, the highest in years

To strengthen the economy, Martin and the Liberal Democrats backed the tough decisions - opposed by Labour - which did bring public spending under control, reduced that overspend by a third and reassured financial markets so that business borrowing and mortgage rates in Cheltenham were kept low as we fought off recession. By 2015:

  • Government overspending was expected to be £91.3 billion*, still very high but down by a massive £61 billion a year
  • This represents 5% of GDP* - half the value it was five years previously
  • The economy was the fastest growing economy of any of the G7 group of major economies, growing 2.6% in 2014/15 and estimated to keep growing at 2.5% a year - before the disastrous Brexit vote
  • Earnings were finally starting to go up too.  Together with the fall in fuel prices, this helped everyone by bringing the cost of living down this year.  The Office of Budget Responsibility confirmed living standards were higher in 2015 than they were in 2010.
  • Unemployment in Cheltenham fell to 854 or just 1.6%** Under the coalition, the UK had the strongest employment growth in the G7.  The number of young people claiming unemployment benefiMartin at Messier Bugatti Dowty.jpgts was at its lowest since the 1970s.

Sources: * Office of Budget Responsibility 2014/15 ** Department of Work & Pensions

But a stronger economy isn't just a fast-growing one - it must be sustainable too:

  • The Coalition launched the world's first Green Investment Bank and locked investment in low-carbon energy into energy markets through the Energy Act and has created a record number of green jobs. In Cheltenham, Martin has backed local companies like Tidal Lagoon Power and Commercial who have pioneered sustainable jobs and business
  • The coalition created more than 2 million new apprenticeships, 2,610 of them in Cheltenham, building skills for the future
  • Whether we were still in recession or growing again, the coalition kept investing in infrastructure, maintaining spending on public transport and committing another £6 billion investment to flood defences, including more flood defence work in Cheltenham to protect another 240 properties
  • The coalition committed to the largest ever sustained investment in Britain’s science base, including a £2.9 billion Grand Challenges fund to enable the UK to invest in major research facilities.  This progress is now particularly at riosk from Tory Brexit plans.

The economy was stronger locally too.  Cheltenham's LibDem council faced cuts along with other local authorities -  their net budget fell in cash terms by about 12% over seven years, from £16.1m to £14.2m - but despite the cuts, there was no crisis at Cheltenham Borough Council:

  • £8.5m was found in savings and additional income and 'austerity' has had little impact on frontline services. Savings have been made by radical management efficiencies, sharing back office functions and major functions like waste collection with other councils, and turning arts and leisure management over to a charitable trust of which Martin is now an unpaid trustee.
  • Martin and the borough council worked together to win major new investment in developments like the Brewery, North Place and in local transport, including £5m for local sustainable transport, £45m for the redoubling of the Swindon/Kemble line to improve services  to Swindon, Reading and London and an ambitious plan to upgrade parking, access and facilities at Cheltenham Spa station which has now won widespread backing.

In stark contrast, The Conservative-led county council has lurched from crisis to crisis - taken to court over its library closures, signing up to a wasteful incinerator contract turned down by its own councillors then forced through by the administration, slapping new on-street parking charges on small business areas and leaving our roads in a total mess.

As MP, Martin lobbied for and promoted local companies from publisher Edward Elgar to Back at this old deskat Cheltenham business Tangible.jpgworldbeating clothes retailer SuperDry, from engineering firms like Spirax Sarco, DIS and CF Roberts to IT firms like Innov8ive software.  He worked with business organisations like the Chamber of Commerce, Gfirst LEP and Cheltenham Connect to promote and support local business.

He promoted Cheltenham’s Festivals in Parliament with an eye to drawing even more valuable visitors to the town and encouraged council backing for areas like the Lower High Street that deserved more support.  He supported a more determined strategy to market Cheltenham to visitors, investors and relocating businesses.

 


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