As the new year begins, Stockport MP Lisa Smart has extended festive greetings while highlighting the enduring financial strains facing her constituents, despite a fall in inflation from recent peaks.
The Real Impact of Economic Jargon
In her first column of the year, the Liberal Democrat MP pointed out that for most people, parliamentary debates about GDP, fiscal rules, and bond markets feel distant from daily reality. The true measure of the economy, she argues, is what's left in your bank account at the month's end, or how far you must stretch your last pounds before payday.
Smart emphasised that while the intense inflation of recent years has eased, wages have not recovered sufficiently. For many, the weekly grocery shop remains a challenge, let alone the added pressure of buying Christmas gifts for children.
Business Burdens and Brexit Barriers
The MP stated that for the UK economy to work better, it must support local businesses to thrive and ensure workers earn enough to avoid monthly financial stress. She identified two major burdens currently stifling enterprise: Government-imposed National Insurance rises on employers and the restrictive trade barriers with Europe established after Brexit.
"We are still one of the world's largest economies, but the barriers that went up when the UK left the European Union are a big part of the reason why it doesn't feel like it," Smart wrote, referencing feedback from homes and businesses across Stockport.
A Push for a "Bespoke Customs Union"
Drawing on regular conversations with local business owners, Smart asserted that cutting red tape is essential. She proposes that one of the most effective ways to achieve this is by making trade with neighbouring European countries easier through a bespoke customs union.
She explained that this practical measure would allow UK businesses to sell more easily to European markets they previously cultivated. The potential result, she argues, would be a boost for businesses, leading to greater job security and an enhanced ability to pay competitive wages.
"Being in a customs union with the rest of Europe is a big idea," Smart concluded. "But it's a big idea that means there should be more money left at the end of the month, and not more month left at the end of the money." She confirmed that she and her Liberal Democrat colleagues will be pushing the Government to support this approach.
