Economy
The North East region has the lowest gross value added (GVA) per capita in England, and second lowest in the United Kingdom, behind only Wales. The economy was for several decades exceptionally dependent on ship building and on coal mining in Durham and Northumberland, which gave rise to the phrase "taking coals to Newcastle". UK Coal plans to start surface mining at Steadsburn near Widdrington Station and Stobswood in Northumberland.
The former regional electricity company Northern Electric is now managed by CE Electric UK, based in Penshaw.
Land use in County Durham and Northumberland is mainly agricultural. North East Ambulance Service is based just west of the A1 Newcastle bypass, north of the Tyne near Newburn and Blaydon, which is also the home of NHS North East and the local regional development agency One NorthEast. The Great North Air Ambulance is based in Penrith and Durham Tees Valley, and also serves Cumbria. The region's Business Link (BLNE) has been based since October 2007 at Dawdon, south of Seaham on the A182.
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This is a table showing the trend in regional gross value added at current basic prices published by the Office for National Statistics with figures in millions of British Pounds Sterling.
| Year | Regional Gross Value Added | Agriculture | Industry | Services |
|---|---|---|---|---|
| 1999 | 27,437 | 225 | 9,104 | 18,106 |
| 2002 | 31,167 | 228 | 9,416 | 21,433 |
| 2005 | 36,204 | 211 | 10,367 | 25,625 |
| 2007 | 40,916 | 278 | 11,120 | 28,250 |
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Famous quotes containing the word economy:
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)