Last week the Chancellor George Osborne came to Redruth to meet some of our area’s businesses and to look round the Teagle machinery factory at Blackwater. His visit coincided with new figures that put unemployment in Camborne, Redruth and Hayle at its lowest level for years. George Osborne took tough decisions early in this Parliament and those difficult decisions are now bringing results with growth back in the economy. Whilst there is still a long way to go I know that some of our leading businesses were interested to hear his plans for the future and ask their own questions.
Decisions on a national level directly influence the regeneration of our area and nationally the economy has turned a corner. The deficit has been reduced by a third and income tax has been cut by approximately seven hundred pounds for over twenty five million people. Employment at its highest level since records began, with 1.6 million new jobs created since the general election. Welfare is also being reformed so no working family can be earning less than those on benefits. Considering the problems we were facing only a few years ago, this is quite an achievement and something to build on.
I want to make sure local firms are taking advantage of the recovery, employing new people and expanding their businesses because we actually have some fantastic innovation in our area that we should be proud of. I have always said this is the part of Cornwall where good ideas are made and the work gets done and a stronger local economy will deliver important social change.
We have businesses which are at the cutting edge of a modern economy despite our remote location. Large Diameter Drilling, Fugro Seacore and Severn Subsea all manufacture complex parts for the oil and gas industry, whilst other precision engineering firms such as DP Engineering in Redruth and Rigibore in Hayle work in aerospace and hydraulics. We have other success stories in many different industries, whether it be food processors such as Roddas Creamery or Falfish in Redruth or housing specialists such as Frame UK.
New sectors in IT and clean energy have also based themselves here, making good use of the superfast broadband now on offer. The Pool Innovation Centre has accommodated many of these, and it is now home to 48 companies employing 250 people. WaveHub in Hayle has also recently found its final investor and will soon be at the forefront of testing capabilities for wave energy.
I am not saying everything in the garden is rosy, but we are getting there and with forward-thinking business we can secure a strong and diverse local economy. We should be proud of our achievements on that front.
George Eustice can be contacted at firstname.lastname@example.org or 1 Trevenson Street, Camborne, Cornwall TR14 8JD or by telephone on 020 72197032.