Economy
The Thames Valley region is one of the wealthiest regions in the European Union, helped by good communications, a well educated work force, proximity to London and strong local employers. Its economy was valued at £32 billion in 2007.
In the twentieth century, historic industries have been replaced by modern knowledge-based industries, primarily information and communications technology and life sciences.
The direct labour force amounts to 1 million people, but the total workforce within an hour of the Thames Valley towns is close to 3.7 million.
Since 2002, the Thames Valley has been the UK’s fastest growing region, averaging 3.5 per cent economic growth after inflation, well ahead of the 2.5 per cent national average.
Productivity is high, averaging £49,000 per worker in 2006, £8,600 higher than the south-east average. The workforce is skilled: 29 per cent of employment is in the knowledge economy, compared with the national average of 17 per cent, and 37 per cent of people in employment hold a degree. One-fifth of Thames Valley workers are employed in managerial and senior positions, five points higher than the UK average.
Read more about this topic: Thames Valley
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)