We've just completed a very successful Wandsworth Enterpise Week, where some residents were inspired to start-up a company, and others got helpful advice on how to grow their existing business. So it's a good time to take stock of how the government's economic reforms are impacting job and growth prospects on the ground in Tooting.
It takes a while to turn an economy around in the best of circumstances, and even longer when your trading partners in Europe are suffering from a debt crisis, but I’m delighted to see that the UK economy is now recovering strongly across the board. In the case of Tooting, I can tell both from speaking to local businesses as I regularly do, and from reviewing the economic statistics for the area, that our fantatsic part of South London is also doing well.
Here are a few of the highlights:
- London has seen over 300,000 net new jobs created recently, and unemployment in the Tooting constituency fell 18% in 2013, with Nightingale and Furzedown wards leading the way with drops of 27% and 21% respectively
- a fantastic 1,200 new businesses started-up in Tooting (SW17) in 2013 – which was the third highest number in south-west London; this bodes very well for further job creation in 2014
- wages are also starting to rise again, by over 2% in Wandsworth in 2013; the stronger economy and lower inflation mean that real wage growth could re-start later this year
Statistics can sometimes seem distant from people’s lives. But on the ground in Tooting, I think signs of the improved economy really can be seen in many different ways. Whether it be the many new restaurants opening in Tooting Broadway, the new 300-person office being built in Earlsfield, or the construction of new flats and houses across the whole constituency, there are signs of up-turn across the board.
Of course, there is still much more to be done, and the Government must continue to work hard to balance the budget, as well as pursuing its reforms of education, welfare, immigration and taxation. This will ensure that the recovery continues, not just for a few years, but for the long-term too.