In his weekly column, North West Norfolk MP James Wild says that the UK economy is beginning to grow…
A constituent responded to some positive economic news I shared the other day by saying “one swallow doesn’t make a summer”.
That is true. And there is no doubt it has been a very difficult few years with Covid and war in Ukraine pushing up energy bills and other costs and hitting families hard.
It is the case though that key economic indicators are showing the economy is turning a corner.
New GDP data shows the economy grew by 0.6% in the first quarter of the year meaning the UK has the fastest growth rate in the G7 major economies.
Real wages have grown for the tenth month in a row. Four million more people are in work than in 2010 and unemployment locally is below the national average. Taxes have been cut for millions of workers. And only this week it was confirmed inflation has fallen again to 2.3%.
While there is more to do, the economy is recovering.
It is against that backdrop that the Prime Minister set out plans to deliver a more secure, prosperous future amidst growing security threats from states like China and Russia, unprecedented mass migration, and advances in technology like AI.
The scale of change in the next five years is expected to be greater than in the past 30.
The thought of the challenges and threats it will bring can be daunting and unsettling, but the UK is well placed to keep people safe and secure and benefit from the opportunities that brings. However, doing so depends on choices and action.
Take national security. When authoritarian states are acting together to undermine us and our values, keeping our country safe must be the number one priority which is why the Conservatives have committed to increase defence spending to 2.5% of GDP by 2030.
A commitment Labour has refused to match.
Or take technology. Technological developments will drive much of the disruption to our economy, society, and security.
Managing the risks this brings is important, however, innovations like AI also provide huge opportunities to boost investment, jobs and increase productivity which is the way to sustainably increase living standards.
That’s why the Prime Minster rightly put science and technology at the heart of his positive vision. The potential for discovery of new ideas and medical diagnostics are immense.
In education, children could benefit from their own personalised learning. Harnessing technology will help fight crime and tackle fraud. Succeeding in these areas can improve public services and better value for money to help get taxes lower.
His optimistic approach is markedly different from the relentless negativity others propagate. In contrast to focusing on the future, Labour’s leader set out a series of pledges many will consider underwhelming or are things that are already happening.
Little wonder one of his frontbenchers was embarrassingly caught out on TV when he couldn’t remember them all.
When I am asked why I am a Conservative I talk about our core values of freedom, security, and opportunity. By focusing on those, the challenges the future brings are ones where the UK will succeed to secure a strong future.