Figures released today have shown a 57% rise in unemployment for Torbay compared to this time last year. 199 new Jobseekers Allowance claimants were registered in November, with the total now standing at 1973, almost 5% of the working age population.
Bay MP Adrian Sanders has highlighted the need for local and central government to take meaningful action to stimulate the economy and stem the tide of job losses.
Lending to small businesses is currently being restricted by the banks, despite many being state owned. This is forcing many small businesses into letting staff go.
Local businesses can be supported by people buying from locally owned businesses and from shops that source their products locally. This keeps money in the local economy, allowing businesses to thrive and invest in more high quality jobs.
Adrian commented: “Torbay’s economy is suffering more than anywhere else in the South West due to the reliance on the service sector and seasonal work. In a recession these will be the first jobs to go but much can be done to safeguard local jobs, keep money in the local economy and provide better help to people already made redundant.”
“The banks must be forced to lend at reasonable rates to small businesses.”
“Buying local can also stimulate the economy. Torbay has a wide range of very high quality goods and services on offer and everyone can play their part by supporting these businesses.”
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