Sir Oliver Heald, MP for North-East Hertfordshire, has greeted recent good economic news in his constituency.
The figures – from Barclays Local Insights – show that over the last three months, compared with the same three months last year:
· Consumer spending rose by 6%, with people in North-East Hertfordshire spending 18% more than the UK average. This shows that people in the constituency have experienced a significant financial improvement.
· The quarterly turnover in small and medium-sized businesses was up by 6%, with an impressive 16% increase in the construction industry.
· People’s savings increased by 10%, well above the UK average of 6%. This, combined with the increased spending in the constituency, shows that people in NE Herts have seen a large increase in their disposable income.
· The number of new business start-ups increased by 11%, whilst the UK average was at -2%.
Commenting, Sir Oliver said, “This is yet more proof that the Government’s Long-term Economic Plan is working. We have more businesses, people are spending more and saving more, and local companies are seeing solid increases in their turnover. One of the most significant facts is that the biggest increase in spending was by people earning less than £15,000 a year. Thanks to recent increases in the personal allowance, the least well-off in NE Herts are experiencing some of the largest improvements in their economic situation. The Government is not only delivering an economic recovery, but a recovery that people on all parts of the income spectrum are feeling.”