Page 55 - Minutes of meeting
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Summary Implications – Macro-Economic Context
Barrow is a town which is particularly susceptible to macro-economic forces because of its dependence on a small
number of large employers whose fortunes are heavily influenced by national policy. Summary implications include:
+ Recent macro-economic indicators highlight buoyant conditions in the UK characterised by falling unemployment,
steady (if volatile) productivity growth, and earnings growth accompanying inflation
+ The impact of EU Exit, combined with the impact of the recent pandemic, casts considerable uncertainty over the
future economic outlook for the UK
+ Barrow is particularly exposed to external forces, including government policy decisions linked to important
sectors in the town which include defence, energy and health
+ The impact of unknown influences can be considerable, as shown by the global slowdown caused by the COVID-19
pandemic. The impact is clearly visible through surging unemployment, business closure, and the demands placed
on an already overburdened health system. A global recession is expected and planned increases in public
spending will become a priority driving the restructuring of the economy in the wake of the pandemic.
+ Barrow is somewhat more resilient than other areas of the UK due to the industrial composition of the town, with
major government contracts supporting investment. However the health and societal impacts of the pandemic
are considerable, with Barrow identified as one of the 25% most exposed authorities in England on health and
income deprivation measures.
Copyright © Hatch 2018. All Rights Reserved. Data source: House of Commons Library
