Amendment of the Law — House of Commons, 2015-03-23
Topic: Macroeconomics
Chris White (Conservative, Centre-right): Although I am pleased to follow the hon. Member for Caerphilly (Wayne David), I have to say that I offer a more optimistic approach. I am happy to say that, in Warwick and Leamington, the signs of economic growth are strong, not least with the number of jobseeker’s allowance claimants falling by 70% since 2010, and the number of claimants aged between 18 and 24 falling by 79% over the same period. We have also seen a growth in the number of businesses that have taken on new employees, with more than 2,700 apprenticeships being created since 2010 The Budget contained several welcome measures for Warwick and Leamington, the first of which was the support for the creative sector that contributes so much to our local economy. Leamington Spa is now increasingly referred to as "Silicon Spa" due to the growth in our technology and creative industries. As the Budget emphasises, the creative industries deliver both cultural and economic benefits to the UK The tax relief for the video games sector, for which colleagues and I on the all-party group for video games have campaigned, has already significantly benefited the video games industry in Leamington. The tax relief has created confidence in the sector with the local industry supporting some 1,200 jobs I am also delighted that the Chancellor announced an extension of the skills investment fund, which will provide £4 million to ensure that support for training and development in the creative industries continues for a further two years. Renewed focus and support for a more traditional, but similarly creative industry, was also announced in the Budget. The west midlands has long been a hub for manufacturing, but it is now a resurgent sector of our economy. I was delighted to note that, according to the most recent figures, the manufacturing sector grew by more than 2.5% in 2014 alone Since 2010, the Government have invested a great deal in the manufacturing sector, including through innovation catapults. High-value manufacturing is growing in significance in our region. I was particularly pleased to see the one millionth cooker roll off the production line at Aga Rangemaster, just outside my constituency office Innovation is key to unlocking further potential in the manufacturing sector and I am delighted that the Government have extended the research and development tax credits, particularly for small and medium-sized enterprises. That measure is estimated to benefit some 15,000 businesses As co-chair of the all-party group on manufacturing and chair of the all-party group on video games, I have been privileged to watch the regeneration of manufacturing and the exciting development of the creative industries as a whole. I would like to take this opportunity, however, to make the point that there is still more to be done to achieve the potential in these parts of the economy. We need more support for innovation, more apprenticeships, not least through the excellent Warwickshire college, a continued focus on research and development and support and encouragement for small businesses wishing to grow and expand. I believe that we must do all we can to support these vital industries, rebalance our economy and create additional jobs, but overall the Budget provides assurance that the economic plan is working and that our economy is back on track.