Opinion: One Step Forwards, Two Steps Back

Research from the Resolution Foundation, published following the Autumn Statement, revealed the average household is set to see disposable income fall by £1,700 over the next two years in real terms – by far the largest fall on record.

Disposable income is set to collapse in the months ahead as bills rise, inflation remains sky-high and taxes soar ever higher.

We are all going to feel an average of £1,700 worse off in two years’ time and, what’s more, some simple mathematics reveals this will mean more than £80 million that won’t be spent on the local economy, supporting businesses and jobs.

When I presented Mansfield Council’s budget at the beginning of the year, as well as freezing council tax to help families with the cost-of-living crisis, we committed to continue to invest in supporting new local businesses, and despite the gloomy national economic outlook, this year Mansfield was voted the best place in England to start a new business – a real vindication of our efforts.

Meanwhile, the Tories have pushed up the tax burden to the highest levels since the Second World War and now we are facing a reduction of £80m from our local economy that will undoubtedly impact new and existing local businesses and jobs.

First, the Conservatives crashed the economy, now at the Autumn Statement we saw a plan to make us all even poorer – and no plan for growth in communities like ours.

Each time we take one step forwards in Mansfield, the government is pulling us two steps back.

There is some hope though as Labour has a plan to escape the Tory doom loop and get the economy firing.

We would replace business rates with a fairer system to fire the digital economy, deliver a new industrial strategy and drive through our Green Prosperity Plan to bring down bills and help secure the jobs of the future.

Coun Whitby is deputy mayor of Mansfield, Mansfield Council cabinet member for corporate and finance and Labour member for Manor.