Some positive news for the economy last week with the fastest growth in two years! The economy grew by 0.6%, way above expectations and setting us up for a positive trend going forward.
It shows that Government’s plan is working and we’re well on the way to recovering from the economic shock caused by Covid measures, and other global factors like the war in Ukraine.
But what does this news mean for you? 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’s growing fast that means resources available to people in the country – goods and services, wages and profits – are increasing.
These growth figures are good news for everyone and show that the economy is turning a corner. It builds on the recent increase in the national living wage, and the cut in National Insurance that’s given the average worker a pay rise of £900 a year.
We also had positive investment news for our local economy, with another huge milestone reached for our STEP Fusion programme in North Notts - as we go out to procure partners to deliver this world leading fusion prototype.
Alongside some £600 million worth of contracts, it's quite possibly the single biggest investment in the history of Nottinghamshire and will create thousands of jobs in North Notts for Mansfield residents.
These jobs won’t just be in nuclear energy, but across the wider supply chain, so it’s massive news for local people and will help deliver massive new training opportunities and high-skilled jobs in several other key sectors.
Our area also received a boost in education funding, with an additional 160 place SEND school announced by Government. This is in addition to the school being built in Mansfield this year, expanding provision for local children and families across Nottinghamshire.
We're investing heavily in improving the service and expanding specialist provision for children with SEND, so this extra funding and capacity is massively welcome, particularly helping children with SEND to access some of the amazing opportunities coming to our area.
Our efforts in Nottinghamshire are consistently recognised in Parliament and last week was no different, as the Prime Minister applauded the work and leadership of Nottinghamshire County Council.
We’re delivering new investment in key areas like SEND, roads, and social care, whilst delivering one of the lowest increases in council tax of any local authority in the country.
It’s in stark contrast to the dire state of the Labour-run Nottingham City Council, where the Commissioners have had to be sent in to bail them out of the mess they've made.
So some really positive news for our area, positive economic growth, more money in your pocket, and amazing new investment into education, skills and jobs for our area. There’s clearly more to do, but some great progress worth shouting about!
