This week the Trades Union Congress (TUC) released its report on women’s position in the recession and the disproportionate affect public service cuts would have on women. The report highlights how heavy cuts to the public sector would result in an increase in female unemployment and that heavy cuts to public sector pensions would also affect women the worst.

According to the Annual Business Inquiry, almost 40 per cent of women’s jobs are in the public sector, compared to just 15 per cent of men’s. Early cuts made to public sector would lead to an uneven increase in female unemployment as compared to male.

The TUC report notes that in the 5 regions where the male unemployment rate has been highest public sector jobs account for more than 40 per cent of women’s employment. This means that families already in a vulnerable position could be affected most by early deep spending cuts. As well as the risk of increased female unemployment, cuts made to public sector pensions could exacerbate the gender gap in pensions.

It’s for these families, who find themselves exposed to the volatility of the market that the Labour Party is putting securing economic recovery high on the agenda in their manifesto – and you can have your say over what should be included here.

The TUC General Secretary, Brendan Barber commented: “Slashing public spending may satisfy fiscal hawks and city traders but it would cause misery to millions of people who have already suffered from the recession.

“It’s hardly fair that these are now all under threat thanks to the mistakes of super-rich bankers, who are already back collecting their bonuses.

“When politicians talk about the need for deep spending cuts they rarely say how this would affect ordinary working people. But as our report makes clear – women would have to pay for these cuts with their jobs and pensions.

UNISON has launched a Million Voices for Public Services campaign – sign up and make your voice heard.

Chuka Umunna has announced his support for the Robin Hood Tax proposing to take 0.05% from all speculative banking transactions. The several hundred billion pounds that it would raise would go towards safeguarding frontline services such as schools and the NHS. The speculative transactions which the tax targets were a major contributor to the global financial crisis.

Chuka has been active in campaigning in this area, calling in November for a windfall on bank profits and a High Pay Commission to curb excessive bank bonuses. In December he joined former Mayor of London Ken Livingstone in signing a letter calling for tougher action on banks including a windfall levy on bonuses, calling for London and Britain’s economy to be less reliant on financial services and advocating a tax on banks’ transactions.

Calls for a new banking tax come against a backdrop of a resurgent banking sector. The Centre for Economics and Business Research announced that banking bonuses rose by 50% in 2009 while Barclays and HSBC announced half-year profits of £3bn.

With Streatham benefiting from Labour investment in schools, colleges and Sure Start Centres, a tax on banking transactions would help continue the good work in the area. Chuka Umunna said:

“Given that the casino-banking was a cause of the global financial crisis, it is only right that the banks help the country out of it.

“A 0.05% tax on speculative banking transactions would help fund and maintain our schools, universities and hospitals, safeguarding and improving public services here in Streatham.”

Those wishing to benefit from cash savings to buy a new car have a month left to take advantage of the government’s hugely successful car scrappage scheme.

Almost 290,000 new cars have been registered through the car scrappage scheme according to the latest statistics from the SMMT (Society of Motor Manufacturers and Traders). 38 manufacturers have taken part in the scheme, covering all the major car brands.

Having been announced in the government’s budget early last year, it provides a cash discount of £2,000 for customers who trade in a car older than ten years when buying a new model.

As well as boosting the motor industry, the scheme has helped reduce Britain’s carbon footprint by putting cleaner, more environmentally friendly cars on the road to replace more polluting older models.

According to the SMMT, new cars bought through the scheme emit on average 10.9% less carbon than the vehicles they replace. Additionally, up to 85% of materials from the scrapped cars can be recycled.

The scheme was launched on 18 May 2009 and will last until the end of February.

Secretary of State for Work and Pensions Yvette Cooper has announced reforms enabling millions of people to save in a pension for the first time, describing them as the “biggest change to support for working people since the introduction of the minimum wage”.

Under the plans around nine million workers will be able to save in a pension with guaranteed contributions from their employer and the government from 2012, many for the first time. In particular, previously disadvantaged groups including women and carers are set to benefit; this year the number of women qualifying for a basic state pension will rise from 50% to 75% of the female population.

The Labour plans will benefit Streatham’s over 60s population of almost 13,000, providing support in retirement for those who were unable to work the previous 44 years for men and 39 years for women.

Under the plans both men and women will only need to work for 30 years, with allowances made for those who have made up gaps in their employment record. In addition grandparents who care for their
grandchildren will now earn credit and a more generous state pension.

Streatham’s businesses will be offered help to adjust to the changes. Start-up businesses created from 2012 will be given until 2016 to start enrolling staff in the scheme, and other local businesses will see their contributions phased in over the next three years. These changes will help Streatham businesses through the recovery whilst ensuring a decent retirement income for the area’s residents and employees.

Speaking about the reforms, Labour’s Parliamentary Candidate for Streatham Chuka Umunna said:

“These reforms are vital in giving thousands of people locally the chance to save in a pension. Along with our changes to the state pension later this year, this will ensure that pensions are fair and sustainable in the longer term.”

David Miliband MP, the Foreign Secretary, introduces this video celebrating the Nigerian community’s contribution to British life.  The video was produced for a joint event between the Foreign Office and the Nigerian High Commission in London today.  The event is designed to celebrate the contribution to UK society of the significant Nigerian diaspora community in the UK, many of whom live in the Lambeth area.  If Chuka is elected at the General Election he would become the first male politican of Nigerian descent to sit in the House of Commons.

The Labour government has announced over £1.7 billion of investment for manufacturing research and new industries such as the digital sector and biotechnologies.

Prime Minister Gordon Brown stated: “Growth is not only the key to prosperity and jobs, but also rebuilding the revenues for safeguarding the public services on which we rely.

“The growth strategy shows how we will support and unleash the entrepreneurial, innovative and dynamic talents we know we have in Britain.”

The focus is on long-term sustainable growth strategies in the UK. The Business Secretary, Peter Mandelson noted that much could be learnt from public companies such as John Lewis. According to evidence the company, which shares its rewards with employees, is successful in pursuing long term growth.

The government’s new strategy features £1 billion of investment in the upgrading of the country’s digital infrastructure, £70 million of new funding for manufacturing research projects and the creation of 35,000 advanced technical apprenticeships over the next two years. £38.5 million has also been assigned to 260 new research low carbon technologies projects.

Commenting on the announced investment Chuka said: “This funding, particularly for research into low-carbon technologies, clearly demonstrates Labour’s commitment to fighting climate change, alongside investment in new jobs and in a strategic long-term restructuring of the economy.”

Business Link is helping businesses save time, increase their sales and raise profits and recent figures from a number of separate reports have attested to the difference which the government’s business advice site is making.

Developed in partnership with subject experts within government and relevant business-support organisations, the site provides free guidance for businesses on topics such as finding and keeping customers, making payments and helping organizations comply with legislation.

Huge numbers of business owners and budding entrepreneurs are turning to the service. The regional network of Business Link providers reached a staggering 942,000 customers in the 2008/2009 period and businesslink.gov.uk hosted more than 14 million visits.

The Minister for Regional Economic Development, Rosie Winterton MP said: “The recent surveys asked Business Link customers to provide feedback on the service and the impact it has had on their business.

“The figures clearly demonstrate the service is making a difference to their bottom line. Business Link is a vital resource for businesses, however big or small.”

According to the surveys businesses reported that due to information and guidance of the website they:

- Saved roughly 5.7 million hours – valued at approx £121m and made £158 million in cost savings.

- Increased their profits: additional sales of £360 million and an increase in profits of £54 million.

- Saved valuable time researching and gathering information – an average of 17 hours per customer.

Acumen Business Law is one of the businesses which has took advantage of the Business Link. Penina Shaw, a commercial lawyer with the firm said:

“At first, I was a little sceptical, Acumen Business Law was already a successful business and I couldn’t see what value Business Link could add. As a result of meeting them, we made several significant changes, and put fundamental systems in place to measure financial success.

“We recommend that all our clients use Business Link. It can save a lot of time and money, and provides a trustworthy service completely free of charge.”

Business Link ambassadors include: Karen Hanton (Toptable.com) Karen Darby (Call Britannia) John Bird (Big Issue) and Claire Young (former Apprentice finalist)

Chuka is a signatory to this letter, along with former Mayor of London Ken Livingstone and others, which appears in today’s Guardian newspaper:

Despite the government saving the financial sector from meltdown, City reaction to the PBR has been to promote scare stories of a so-called mass exodus of “talent”, questionable accusations from leading accountancy firms of a huge black hole in the public finances and, worst of all, plans to engage in tax avoidance in relation to the new windfall levy on bonuses (City tells Darling: you’re driving us out of Britain, 10 December).

Let’s not forget that it was the bankers who wrecked the economy in the first place and that we face a budget deficit that they significantly helped create – not least in part by the banks bailout. Let’s not forget too that despite the bailout, before the PBR, banks planned bumper bonuses forecast to rise 50% to £6bn. It’s in this context we feel the government deserves support in imposing the windfall levy on bonuses. We further welcome government efforts in advocating a financial transactions tax. These measures are important in making the financial sector as a whole more socially responsible.

We’d also urge the government to take radical steps in diversifying the economy and end the country’s overreliance on financial services for jobs, growth and tax revenue. Further, we don’t believe that public sector workers should be forced to pay for the mistakes of bankers through a real-terms pay cut. On the wider issue of excessive pay – while a bonuses windfall tax is good for the short-term, for the long-term we’d call on the government to establish a high pay commission.

The government’s Pre-Budget Report was delivered this week and will bring substantial benefits to local people, with specific measures aimed at helping families, pensioners and small businesses.

3,600 Streatham families will be better off as a result of changes announced by the Chancellor this week, getting help now when it is needed most. Child Benefit is being raised to £20.30 for the first child and £13.40 for other children. Child Tax Credit has also been increased.

In addition the Chancellor announced this week that free school meals will be extended to more children in primary schools.

Streatham’s 4,270 pensioners will receive extra support next year, with the basic state pension for a single pensioner increasing by £2.40 to £97.65 a week, while the full couples’ pension will rise by £3.85 to £156.15.

This winter, pensioners will also receive an extra £50 alongside their winter fuel payment – and an extra £100 if they are over 80.

Small businesses on Streatham High Road and through the rest of the constituency received a boost in the report with a freeze in the rate of corporation tax and a raft of new measures to support them through the recovery.

The government’s ‘Time to Pay’ scheme which allows businesses to spread out their tax payments has been extended, while the government is guaranteeing £500 million of loans to small businesses through its Enterprise Finance Guarantee.

Additionally, a new Growth Capital Fund will be set up in collaboration with banks to invest in small and medium enterprises.

Chuka Umunna, Labour’s parliamentary candidate for Streatham said:

“I welcome the support for families, pensioners and small businesses in the Pre-Budget report.

“These measures will make a real difference for businesses and those who depend on them, providing assistance in weathering the current economic conditions.

“Families and pensioners are among the most vulnerable groups in society, particularly during the winter, and it is right that the government is providing extra help.

“This makes it all the more important that we ensure local residents are claiming all the extra benefits they are entitled to.”

This week’s Pre-Budget Report reflects Labour’s determination to maintain frontline public services, protect the environment and ensure bankers do not continue to profit while taxpayers pay for their mistakes.

Employment
Unemployment continues to be at the forefront of issues the government is tackling. Several new measures were included in the Pre-Budget Report:

- Guarantees of a place for every 16 and 17 year-old in education or training to be available to school leavers again in September 2010.
- From next month, no one under 24 will be unemployed for longer than six months before being guaranteed work or training – down from 12 months.
- The minimum number of hours those over 65 need to work to receive working tax credit will be reduced.
- The government is offering financial support for 10,000 undergraduates from poor backgrounds to take up internships in industry and the professions.

Pensions and Benefits
- Basic state pension will rise by 2.5 per cent in April.
- Additional support for mortgage interest scheme for the unemployed extended for six months.
- Child and disability benefit will rise by 1.5 per cent in April.
- Free school meals to be extended among primary pupils in low-income families from September 2010.

Taxation
- A one-off levy of 50 per cent is being applied to bank bonuses above £25,000, to be paid by the bank, not the employee. This is expected to create £550 million which will be invested in jobs for young people. Chuka has campaigned for the government to impose a one-off tax on banks.
- New tax avoidance laws ensuring that an extra £5bn per year will be protected from evasion and avoidance.
- No increase in income tax.

Environment and Energy
Streatham’s recent Q&A on Climate Change with Chuka and Ed Miliband reflects Labour’s commitment to protecting our environment:

- A new scrappage scheme, similar to the highly successful car scrappage scheme, to help replace 125,000 inefficient boilers.
- From April 2010, people who have a home wind turbine or solar panels and send power back to the national grid will receive, on average, a tax-free payment of £900 a year.
- Electric cars will be exempted from company car tax for five years, with a 100% first year capital allowance for electric vans.
- Doubling government finance for carbon capture and storage demonstration projects.
- An additional £200m of funding for energy efficiency schemes.
- £120m for new low-carbon industries in the UK.
- Helping more vulnerable households with energy bills; doubling support provided by energy companies to £300m by 2013/14

Small Businesses
The government is committed to helping local businesses through the recovery:

- An increase in corporation tax for small firms will be deferred.
- The Time To Pay scheme, allowing firms to spread tax payments will be extended for as long as is needed.
- Allowing the scheme for bank loans to small businesses to be extended for a further 12 months, guaranteeing a further £500m of loans.
- Encouraging growth and innovation through reductions in corporation tax relating to new patents.
- The new Growth Capital Fund will be set up to invest in small and medium enterprises.