This morning’s job figures show that the economic plan is working for Croydon. The number of jobseekers has fallen by 5,015 or 51% over the last 5 years in Croydon. The number of young unemployed (aged 18-24) has fallen by an incredible 62% or 1,480. Unemployment in Croydon has halved in the last 5 years to just 2.5%, which is half the national average.
I was in the Chamber today to hear the Chancellor present a budget that continues the plan that has delivered these fantastic results for Croydon.
Nationally, the number of people in work is now at a record high of 31.42 million. This is up nearly half a million from this time last year.
It is a very positive sign for the local economy in Croydon that the level of unemployment is steadily decreasing over a period of over 5 years.
I also welcome the Chancellor’s announcement that the threshold for small business rate relief will rise from £6,000 to £15,000. The threshold for higher rate of business rates will also rise from £18,000 to £51,000.
This change in business rates is excellent news for shops and small businesses in Croydon. It will mean hundreds of shops and small businesses pay no business rates so they have more money to grow their companies and flourish as entrepreneurs.
From April next year, 600,000 small businesses nationally will pay no business rates at all. That’s an annual saving for them of up to nearly £6,000.