Economy
While the original settlement at Sheriff Hill developed through the growth of industry in the area, the suburb today is predominantly residential with no significant industry. The suburb was once considered affluent, but as of 2012, almost half of the working age population are economically inactive and less than half of households own a car. The area has than higher levels of unemployment in comparison with Gateshead and England: at Broadway, Pottersway and the Avenue, only 23.8% of adults have full-time employment and 10.09% have part-time jobs. Around 3.1% of the population are self-employed. Those in employment work outside the area, except those employed in the suburb's public houses, betting shops or fast-food outlets. Other small shops provide some local employment, but few are open for any length of time as they cannot compete with larger retailers elsewhere in Gateshead.
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Famous quotes containing the word economy:
“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)
“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)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)