Richard Benyon, Member of Parliament for Newbury, has welcomed new figures that show 20 people in the Newbury constituency have been helped off benefits and supported to start their own business, thanks to the Government’s New Enterprise Allowance scheme.
The allowance, which supports people on out of work benefits to start their own business, has helped more than 73,000 people nationwide since its introduction in April 2011.
Richard said: “I want everyone in Britain to benefit from the opportunities being created by our growing economy. Supporting small businesses is an important part of backing working people. This scheme rewards vision and hard graft. I congratulate all those who have benefited in the Newbury constituency”.
He continued: “More broadly, corporation tax has been lowered to 20 per cent and will reach 18 per cent by 2020, red tape continues to be cut and the Employment Allowance, which reduces employers’ National Insurance bills and makes it cheaper to take on staff, will also increase to £3000 next year. These are all bold measures designed to ensure Britain keeps growing”.
· The New Enterprise Allowance (NEA) helps people on out of work benefits start their own business. The scheme, launched in April 2011, aims to help unemployed people claiming out of work benefits who wish to start up their own business. Participants in the NEA work with a business mentor to develop their business idea. Once they have started trading and left benefits, they receive a weekly allowance worth a total of £1,274 over 26 weeks to help them get their business going (DWP, New Enterprise Allowance: April 2011 to June 2015, 23 September 2015, link).
· More than 73,000 people have started a business under the scheme since it was introduced. Over the past year nearly 1,500 businesses a month have been started by people moving off benefits and becoming their own boss
o 17,140 businesses started by people aged 50 and over
o 5,440 businesses started by people under 25
o 14,530 businesses started by people with a disability
(DWP, New Enterprise Allowance: April 2011 to June 2015, 23 September 2015, link).
· Businesses have created almost 2.5 million new jobs since Labour were in power. The private sector has created over five jobs for every one job lost in the public sector since 2010(ONS, MFZ2, 16 September 2015, link).
· And 703,100 fewer people are claiming Jobseekers’ Allowance and Universal Credit-not in work (ONS, Regional Labour Market, 16 September 2015, link; nomis, accessed 16 September 2015, link; DWP, Universal Credit: 29 Apr 2013 to 3 September 2015, 16 September 2015, link).
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