The council has an interest in the economic wellbeing of Barnet residents and needs to know the local economy's main features and strengths.
The Barnet economy is characterised by:
- a local economy made up mainly of small and medium-sized businesses;
- lower than average rates of unemployment for London and a higher than average rate of VAT-registered businesses (though one that has been reducing to close to the London average over a number of years);
- residents with better than average qualifications earning higher than average wages and salaries - many in jobs in Westminster and the City;
- a workforce that earns a little below the average for London;
- comparatively expensive accommodation relative to the earnings of its residents.