Increases in business rates bills for hospitality and retail, new regulations, the rise in National Insurance Contributions for employers and increasing uncertainty about the economy, are all being blamed for a surge in the numbers claiming Universal Credit in Torbay Constituency.
Newly released figures have revealed the numbers claiming Universal Credit across the constituency have increased by 1,404 since the General Election in July 2024, prompting concerns about more families struggling to pay their bills and find employment.
Since Labour entered office, businesses have been hit with higher taxes and burdensome new regulation. As a result, unemployment has jumped to 4.7 per cent, its highest level in four years, real wage growth has fallen to just 1.1 per cent, and the number of people on payroll has plummeted by over 164,000 jobs since the Autumn Budget.
The last Conservative Government oversaw the number of people in work increase by over 4 million, the unemployment rate nearly halved from 8.0 per cent in 2010 to 4.2 per cent in June 2024, and real wages had growth for thirteen months in a row.
Commenting, Kevin Foster said:
“These figures bring home the impact locally of national policy decisions, with the increases in national insurance and business rates bills hitting our iconic tourism sector hard. With the Government’s financial black hole deepening the autumn budget is likely to bring even more damage for our bay’s economy and people, unless the Chancellor changes course.”
ENDS
