By Alan Mak, MP for Havant
The Havant constituency is home to many fine examples of enterprise that fuel our vibrant local economy.
None more so than P&I Generators, a firm started 20 years ago in the bedroom of its founder Paul Benfield, from Leigh Park.
From those small beginnings it has become a leading independent supplier of power generators – a real local entrepreneurial success story.
I opened P&I’s new HQ on Harts Farm Way allowing it grow, taking on more local staff here and creating new jobs and wealth for our area.
I wanted to showcase this excellent local success story by inviting the treasury minister Robert Jenrick to the facility to see first hand the strength of our local economy.
At a meeting of local business leaders held at the new facilities the minister outlined how the most recent budget delivers for everyone across the Havant constituency.
That includes increasing the National Living Wage by nearly five per cent – from £7.83 to £8.21.
This means that for some of the lowest-paid full-time workers, it will deliver a £690 annual pay rise, taking the total annual pay rise since its introduction to £2,750.
This is combined with an increase in the Personal Allowance to £12,500 and Higher Rate Threshold to £50,000, saving a typical basic rate taxpayer £130 compared to 2010.
Local businesses will benefit from a cut in Corporation Tax to 17 per cent by 2020 and the biggest increase R&D spending in 40 years.
Other plans the minister talked about include a further £20.5billion for our NHS, more support for our high streets, increase in the schools budget, plans to make house ownership more affordable and a freeze in fuel duty.
These measures are all designed to improve the lives of people across the Havant constituency and encourage investment from local firms.
As was seen first-hand by the minister with the success of P&I, the budget is laying the groundwork to ensure continued prosperity by backing our entrepreurs.