One of the best parts of my job is visiting local businesses that help support our community, employ our people and make our town special. As I have said many times before, small local businesses are the lifeblood of our economy and behind every local business is a story of perseverance, of someone who stuck it out and turned an idea into a reality. Small businesses account for a significant proportion of employment in our country and it is right that we support them.
Grantham has a long history of manufacturing and engineering and today we are home to several impressive companies who are exporting all over the world. Today for example, I will be visiting MicroCapture, a strong local business that manufactures high technology ‘encapsulation’ systems for cosmetic and fragrance markets. I was also pleased to read in this paper earlier in the week that the fantastic local control panel manufacturer, Paktronic, received recognition for their work by none other than Her Majesty the Queen during a recent event. I had the great pleasure of touring the Paktronik factory last year and was so impressed by the craftsmanship we have right here in Grantham.
Nationally, the new jobs figures that came out this week show that employment is now at a record high, with more people in work than ever before, and unemployment at its lowest level since 1974. An economy with strong employment gives families security and thanks to continually rising wages, more money in their pockets.
While government should ensure that it enables businesses to grow and innovate, for example through mechanisms such as the Research and Development tax credit, it is also important to ensure that workers earn a good wage. That’s why I am pleased that the government will be giving the National Living Wage its largest cash boost to date. The new rate of £8.72 will give more than 3 million people a well-earned pay rise and this will go up to £10.50 by 2024.
Here in Grantham, we should all get behind our local businesses as they and their staff drive our local economy forward. As we leave the European Union, our local exporters have a great opportunity to expand their trade in some of the fastest growing markets around the world and I will be doing everything I can to champion their work and put Grantham on the map.
