Ipswich Star Column 05.03.26: Green Shoots of Growth in Ipswich

This week, the Chancellor, Rachel Reeves, delivered the Spring Forecast, setting out how this Government is building a stronger and more secure economy. 

Putting an end to the chaotic Conservative merry-go-round, which did so much damage to our economy, people's living standards, and our public services, was essential. 

Now, our economy's vital signs are looking more positive than they have done in a long time. Inflation is falling faster than predicted. Borrowing is at its lowest in years. Investment is rising. Repeated interest rate cuts are easing mortgage costs. 

Labour’s investment in local infrastructure and our public services, and easing the cost of living through expanded childcare, cutting energy bills, and freezing rail fares, is having a positive impact. 

By prioritising stability to our public finances, we have reduced borrowing by almost £18 billion compared to the Autumn, with borrowing this year set to be the lowest in six years and falling below the G7 average – which in fourteen years the Tories never achieved. 

Due to the Conservatives’ economic mismanagement and Liz Truss’s mini-Budget of chaos, our country spends far too much on debt interest - £1 in every £10 of what the Government was spending was just on debt interest - money that should be spent on doctors for our NHS, fixing our broken roads and keeping bills down for working people. 

Right now, as we all witness the current global instability and worry about rising energy prices, keeping inflation as low as possible has never been more important.  

Alongside this, not only are we growing faster than any other European country in the G7, people are set to be over £1,000 a year better off in real-terms by the next election.  

For the residents I speak to every week who tell me about rising bills, painful mortgage payments, and how they couldn’t even dream of going on holiday, that will make an enormous difference. That is real money in the pockets of people here in Ipswich. 

After 18 months in Government, these are all early signs of progress as we get our economy back on an even keel despite strong international headwinds, but I know things remain tough for many people and there remains a lot of work ahead of us. 

Businesses are recognising the potential in our town and county, bringing jobs and investment, with major global tech firm Halo recently choosing Ipswich as the site for its global HQ.  

Earlier this year, we also celebrated a major milestone for Sizewell C: 2,000 workers onsite. Already the project is bringing huge returns for our town, with 300 of the 500 jobs I secured for Ipswich having already been delivered and £1 billion worth of contracts going to businesses in our region. 

Green shoots are starting to show in our town, with more visible policing and success stories such as the Clear, Hold, Build initiative to tackle serious and organised crime, which has seen impressive results in the Gipping and Westgate wards. Reported crime is down 13% in Ipswich over the past few years. 

Footfall is also up in the town centre, with new data showing that Ipswich is bucking national trends as more people are visiting our town centre than they were pre-Covid.  

Footfall has not only recovered, but strengthened, since the pandemic, with footfall up almost 20% on 2019 levels – a sure sign of the progress our town is making.  

Nearly 29 million people visited last year, compared to 24 million in 2019. 

Our wonderful array of events is a major factor - they are attracting people back to the town centre (it is why I wanted to enter the City of Culture competition so we can build on this success). 

We have our challenges, and I know there is lots more to do. More shops. Even more events. A safer town centre.

However, that doesn't mean we shouldn't shout about the good things that are happening. 

I'm proud of Ipswich and I know our best years lie ahead of us.