Economy
North Tyneside lies in the coalfield that covers the South-East of the historic county of Northumberland. It has traditionally been a centre of heavy industry along with the rest of Tyneside, with for example the Swan Hunter shipyard in Wallsend, and export of coal. Today most of the heavy industry has gone, leaving high unemployment in some areas (over the borough, 3.2% compared to 2.7% for the UK). The borough is the 69th most deprived in England, out of 354. However some parts function as wealthy dormitory suburbs of Newcastle, such as Tynemouth. Recent growth has come in the A19 corridor with new industrial estates and retail parks.
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Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)