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MP backs Chancellor’s report
SELBY and Ainsty MP Nigel Adams has backed plans in the Chancellor’s pre-budget report, which was issued on Tuesday.
George Osborne told the House of Commons the government will do ‘whatever it takes’ to protect Britain from the ‘debt storm’ in Europe. He added that the Office for Budget Responsibility hasn’t forecast recession, but has revised its forecasts for this year’s growth to 0.9 per cent, down from the 1.7 per cent predicted in March.
Next year’s forecast now stands at 0.7 per cent. Growth is then expected to pick up to 2.1 per cent in 2013.
Other measures were a freeze in public sector pay awards at one per cent as the current two-year freeze comes to an end, and an increase in state pension by £5.30 to £107.45 – a move Mr Osborne said was the largest ever rise.
Mr Osborne also confirmed the creation of a programme that will underwrite up to £40 billion in low-interest loans for small and medium-sized businesses.
Mr Adams said: “This is welcome news at a time of great uncertainty of the government’s action to prevent Britain being affected by the worst of the financial crisis.
“I’m pleased by plans to improve Yorkshire’s rail network and by the loan guarantee scheme for small businesses.”
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Friday 25 May 2012
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