Haringey's economic profile

Haringey is an excellent business location and is part of an area in London that contributes 12 per cent of the United Kingdom’s total economic output. It has much to offer existing businesses and potential investors. It has a diverse industrial base, with companies operating in a large number of sectors including retail, real estate and manufacturing.

There are 8,500 businesses in Haringey employing a total of 61,000 people. This accounts for 1.5 per cent of all employment in London.

Haringey's economy is dominated by micro businesses with 90 per cent of businesses employing 10 or less people. These micro businesses account for 29 per cent of total employment in the borough. However, while there are a similar proportion of small businesses in London (87 per cent), they only account for 20 per cent of total employment. Instead large businesses (employing 200 people or more) are the largest employers in London accounting for 37 per cent of total employment even though they make up less than 1 per cent of all businesses.

The major sectors of employment in Haringey are:

• Public administration, education and health – 28 per cent
• Distribution, hotels and restaurants (including retail) – 26 per cent
• Banking, finance and insurance – 18 per cent
• Manufacturing – 8 per cent
• Transport and communications – 7 per cent
• Construction – 4 per cent.

There is a great entrepreneurial spirit in Haringey illustrated by the fact that 13.8 per cent of the working age population are self-employed compared with 10.9 per cent in London and 9.5 per cent in England.

Another measure of entrepreneurial activity is the rate of newly registered VAT (Valued Added Tax) enterprises. Of the 6,880 VAT registered enterprises currently (2006) in Haringey, 11.5 per cent are newly registered compared with 11 per cent in London and 9.5 per cent in England.

Information about how Haringey Council supports businesses in the borough can be found on the business section of this website.

Worklessness amongst Haringey’s residents is a particular concern. Between January 2007 and December 2007 the employment rate in Haringey was 65.9 per cent, which is significantly below the England average of 74.4 per cent.

Looking at unemployment related benefits, the proportion of people claiming Job Seekers Allowance (JSA) in Haringey is currently (September 2008) 4.3 per cent; this is higher than the London average of 2.8 per cent and more than one and a half times the England average of 2.5 per cent. However, within Haringey unemployment levels are even more extreme: estimates by the Greater London Authority show that Northumberland Park ward - at 13.7 per cent (of all people working or unemployed and actively seeking work) - has the highest JSA claim rate out of all wards in London.

Information about how Haringey Council helps people into work and assists businesses with recruiting locally can be found on the Haringey Guarantee section of this website.

Summary of the key features of Haringey's economy.

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