Newspaper article The Journal (Newcastle, England)

We Will Empower the North East to Grow Again; the Budget Is Tough but It Will Also Help to Address the Stark Inequalities between Regions of the Country, Says Mark Hoban

Newspaper article The Journal (Newcastle, England)

We Will Empower the North East to Grow Again; the Budget Is Tough but It Will Also Help to Address the Stark Inequalities between Regions of the Country, Says Mark Hoban

Article excerpt

Byline: Mark Hoban

IN the Coalition Government's first Budget, we set out a five-year plan to rebuild the British economy based on responsibility, freedom and fairness. The plan sets out action to tackle the unprecedented budget deficit, introduce a fairer tax system, encourage enterprise and support long-term growth across the economy.

But as the economy recovers, we must restore the balance not only between the public and the private sector, but also across the different regions of Britain.

As someone who was born and bred in the North East, I am acutely aware of the gap between the Greater South East and the rest of the country that grew significantly under the last Government. For example, between 1998 and 2008, for every private sector job generated in the North and the Midlands, 10 were created in London and the South.

This Budget sets out a new approach, one that empowers local leadership, generates local economic growth, and promotes regional job creation.

The North East means a lot to me. I was born in Peterlee before moving to Durham at the age of nine where I attended Durham''s St Leonard''s Catholic Comprehensive School and most of my family still live in that area.

I know that the North East has gone though tough times and we are determined to learn the lessons of the past and ensure that this region thrives under our Government.

In the Budget, the Government announced a number of measures that will help the North East prosper. For example, we will shortly announce details of a scheme to help new businesses outside London, the East and the South East. The three-year scheme will exempt new businesses from up to pounds 5,000 of employer NICs payments, for each of their first 10 employees hired.

What's more, the impact of the employer NICs rate rise previously announced will be largely reversed by increasing the threshold for employer NICs by pounds 21 a week above indexation. …

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