Today's Autumn Statement is good news for the North East

This Autumn Statement delivers on the promise we made to working people right across the North East that we would put their security first. Protecting our economic security by taking the difficult

decisions to live within our means and bring our debts down. And protecting our national security by defending our country’s interests abroad and keeping our citizens safe at home.

After all our campaigning I am particularly proud to see the Chancellor also announce plans for a new national funding formula which will start to be introduced from 2017. The plans will see the phasing out of the old arbitrary and unfair system which meant a child in Northumberland could receive £1,225 less in education funding a
pupil in Kensington and Chelsea.

This Autumn Statement was fundamentally good news for the North East. Employment and wages are up and businesses continue to grow. Over the last parliament 45,000 jobs were created, the number of businesses grew by 11,800. Weekly pay for full-time employees grew faster than anywhere else in England at 10.3 per cent and the Chancellor's announcement will help further boost growth in the region.