This Autumn Statement delivers on the promise we made to working
people right across the North East that we would put their security
first. Protecting our economic security by taking the difficult
decisions to live within our means and bring our debts down. And
protecting our national security by defending our country’s interests
abroad and keeping our citizens safe at home.
After all our campaigning I am particularly proud to see the
Chancellor also announce plans for a new national funding formula
which will start to be introduced from 2017. The plans will see the
phasing out of the old arbitrary and unfair system which meant a child
in Northumberland could receive £1,225 less in education funding a
pupil in Kensington and Chelsea.
This Autumn Statement was fundamentally good news for the North East.
Employment and wages are up and businesses continue to grow. Over the
last parliament 45,000 jobs were created, the number of businesses
grew by 11,800. Weekly pay for full-time employees grew faster than
anywhere else in England at 10.3 per cent and the Chancellor's
announcement will help further boost growth in the region.