Cumbria Community Foundation - Furness: Opportunities and Challenges 2021

F U R N E S S – O P P O R T U N I T I E S & C H A L L E N G E S 30 Barrow has 1,910 businesses 2 of which five are classed as large with more than 250 employees, 20 are medium businesses (50-249 staff), 185 are small (10-49 staff) and 1,700 are micro businesses (nine or fewer staff). These proportions are in line with the England average. However, the number of businesses 2 per 10,000 working-age residents is below the Cumbrian and national averages, reflecting the dominance of BAE Systems on the local economy. Likewise, the rate of self-employment 2 is only 2.8% well below the county average of 13.7% and the England average of 10.1%. The rate of business 2 start-ups is also well below average with 55.7 start-ups per 10,000 working-age population, compared with 56.4 for Cumbria and 99.2 for England. Where businesses do start, they are more likely to survive. 2 Some 51.5% of Barrow start-ups are still trading after five years, well above the average for England of 43.2%. 20.5% of Barrow’s workforce are employed in the public sector 2 (England: 22.2%) while 79.5% work in the private sector (England: 77.8%). In High Furness, agriculture is the largest sector. Farming is facing major changes to the subsidy regime following Brexit. 1 Business Register and Employment Survey 2 ONS 3 Cumbria Chamber of Commerce Coniston, Hawkshead and Grizedale Forest all attract large numbers of visitors. Tourism and hospitality suffered major disruption during the Covid-19 pandemic and the sector faces challenges going forward. It has come to rely on migrant workers from the EU who make up more than half the workforce at some establishments 3 particularly in the Lake District National Park. Many of these migrant workers will no longer be eligible to come under the Government’s new points-based immigration policy. High Furness falls within South Lakeland district, which has a different employment profile 2 from Barrow. People are more likely to be employed part-time and much more likely to be self-employed. 22.7% of the workforce are self-employed (England: 10.1%). Only 15.3% of the workforce are employed in the public sector (England: 22.2%), while 84.7% work in the private sector (England: 77.8%). Business start-up rates 2 are below average at 72.5 per 10,000 working-age population (England 99.2) but survival rates are very good, with 53% still trading after five years (England: 43.2%).