Clearview Midlands February 2014 - Issue 147 - Page 69

BUSINESSNEWS LET’S FINISH THE JOB Chancellor George Osborne gave a keynote speech on the economy setting out the economic choice facing Britain in 2014 and explaining the five components of the government’s long-term economic plan to build a stronger, more competitive economy. The Chancellor was speaking at component manufacturer Sertec Group’s new Head Office in Coleshill, Birmingham, on a day that the company announced that it plans to take on 400 additional people over the next four years. The Chancellor pointed to evidence that Britain’s hard work is paying off and that, “For the first time in a long time, there’s a real sense that Britain is on the rise.” But as the New Year begins, he also wanted to warn against any complacency that the hard part of the job is done. The Chancellor said: “That’s why 2014 is the year of hard truths. The year when Britain faces a choice. Do we say: the worst is over; back we go to our bad habits of borrowing and spending and living beyond our means – and let the next generation pay the bill? “Or do we say to ourselves: yes, because of our plan, things are getting better. But there is still a long way to go – and there are big, underlying problems we have to fix in our economy. More repairs. More cuts. More difficult decisions. “That’s the choice in 2014: to go on working through a plan that is delivering for Britain, putting us back in control of our destiny with the security and peace of mind that brings; or squander what we’ve achieved and go back to economic ruin. “Ultimately it’s your choice – a choice for the British people.” He then set out the five components of his long-term economic plan to build a stronger, more competitive, economy to secure a better future for hardworking families and future generations by: • cutting the deficit • reducing taxes for hardworking people • creating more jobs by backing business • capping immigration and welfare • delivering the best schools and skills ‘Ultimately it’s your choice - a choice for the British people’ The chancellor said the current forecasts implied further cuts of around 25 billion over two years by 2017-18. He said there would need to be a further £12 billion of welfare savings. Help to Buy sees £1 billion of new loans and supports 6,000 applicants in 3 months In just 12 weeks, nearly 750 homeowners have completed their purchases and hundreds were able to spend Christmas in their new homes. Less than 3 months on from the start of the Help to Buy mortgage guarantee scheme, over 6,000 people have put in offers on a home and applied for a mortgage, Prime Minister David Cameron announced. Nearly £1 billion of new lending In November, ministers published figures showing that in the first month of the scheme more than 2,000 people had put in offers on homes and applied for a Help to Buy mortgage. That number has now trebled to more than 6,000. The mortgages, once approved, would represent nearly £1 billion of new lending to aspiring home owners who may have previously found the property market out-ofreach because of the size of deposit required. As part of the long-term economic plan to build a stronger, more competitive economy to secure a better future for Britain, the government is committed to increasing the supply of housing and supporting those who aspire to own their own home. To read more, visit New figures also show that an additional 20,000 households have also been supported by the Help to Buy Equity Loan scheme, a separate scheme where the government provides an interestfree loan to support the purchase of the newly built home. House building is now growing at its fastest rate since 2008, and it is clear house building will remain a critical part of our economic recovery. Prime Minister David Cameron said: “The New Year is often a time when people look to make those big life-changing decisions like moving home or taking that first step on the housing ladder. “But too many people have found themselves frozen out of the market in recent years as a result of the size of the deposit required. “That is why, as part of our long-term economic plan, we introduced the Help to Buy scheme, so hardworking people with sufficient earnings can get on, fulfil their aspirations and enjoy the security of owning their own home.” FEB 2014 69