It’s hard to believe that Wednesday marked the day when, four years ago with Covid-19 an unknown to us all, the then Chancellor and now Prime Minister unveiled the furlough scheme.
In just weeks the entire British state was transformed from collecting taxes, to paying money out. Tens of thousands of jobs here in Burnley and Padiham were protected, businesses received grants to keep them economically viable, and our rate of spend as a country went through the roof. But it was the right thing to do.
As a result in recent years, we’ve had to take some other difficult decisions around taxes. I can’t pretend I was elated about them, but it was the right thing to do to stabilise public finances.
But just months on from that another economic shock hit us, with energy bills and food bills rising significantly due to Putin’s war in Ukraine. Inflation increased to hit a high of just over 11%. And whilst it is true that Government doesn’t control inflation, the decisions it takes can have a real impact on it.
Maintaining some of those higher taxes, putting limits on public sector pay awards, and being careful in how Government spending could impact the broader economy. Tough, but necessary.
Now, however, we have turned the corner. Four years on from the launch of furlough, and two years on from Putin’s invasion of Ukraine, our public finances are secure, and inflation has this week come down further to 3.4%, with the 2% target expected to be hit within just a few months.
That is allowing us to take steps to ease the tax burden and ensure work always pays, and fund policies that I consider vital, like the Triple Lock on pensions.
Simply put, whilst there are some in the Labour Party who want to undo this progress, the plan is starting to show those green shoots, and I won’t allow them to take us back to square one.
Finally, I couldn’t write this week’s column without briefly mentioning the introduction of new legislation to establish an independent football regulator – something I know thousands locally will welcome.
In a town like ours we know the importance of football, and how it is nothing without the fans. Through this regulator we’ll ensure that those who support clubs through the good times and the bad get a say over decisions that have major impacts. I’ll be keeping people updated as the legislation progresses.
