A stronger future for North Devon
June 26, 2008 3:27 PM
How is North Devon's economy coping with soaring petrol prices and the wider down turn? The Regional Development Agency says the south west is weathering the storm well, but manufacturers have seen falling orders.
The RDA also fears restrictions on bank loans and credit causing a drop in investment and building work. House prices are falling, though many on low wages may welcome that.
Over the last ten years North Devon's unemployment has dropped dramatically. In April 1997 we had 2,260 claiming unemployment and in April 2008 just 689, a fall of 69.5%. North Devon is currently ranked 501st (out of 646 constituencies) in the UK for unemployment.
However, under-employment is high, with 41% working part time, compared with a national average of 31%. We also have a much higher than average number of companies. There were 31,540 VAT registered businesses in northern Devon in 2007, but 70% employ five people or fewer.
Our under-development is one of our strengths, but it leaves many people reliant on casual and seasonal employment including in tourism and agriculture. Tourism is worth £350 million a year to North Devon, and suffers when household disposable incomes fall.
We may see more foreign visitors because the pound has weakened, but British people - visiting North Devon more than in recent years - are spending less and taking shorter holidays.
So how do we build a stronger economic future? In a fiercely competitive global market we can't bring in factories as we did in the 1960s. We must attract start-up and growing "niche" firms. We have pull factors, like some of the best surf beaches in the world, our superb countryside environment and good schools.
But we need better public transport links and more leisure facilities. We've seen new restaurants, cafés and bars, and this trend needs continuing to make North Devon attractive for young people.
The plans for Queen/Bear Street in Barnstaple pannier market last week look great, but the drawings for Anchorwood Bank in the Journal fell rather short of my hopes for the site - let's hope they were misleading.
Many local young people wish to remain in the area. Some miss out on university as a result, while others leave as the only way to fulfil their potential. Ambitious plans at North Devon College will extend graduate programmes, allowing people to stay here and gain top qualifications.
That is the key: we must offer ambitious young people North Devon's lifestyle, coupled with good job opportunities.
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