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Raising productivity
Definition
National Indicator 171
"To measure the business start-up rate for each local area (i.e. Lancashire)".
There are clear benefits to local economies of having vibrant start-up markets. It creates competitive pressure and drives up business performances as well as the provision of a variety of goods and services.
We measure the proportion of business registrations per 10,000 resident population aged 16 and above.
Business registrations are a proxy measure for business start ups. The actual measure is new businesses registering for VAT and PAYE and some smaller businesses reaching the VAT threshold or running a PAYE scheme for the first time.
Nation Indicator 166
"Median earnings of employees in the area"
Used with the employment rate this indicator allows local areas to make a broad assessment of their economic output.
Several measures of earnings are available. The one used here, as the most appropriate indicator of average earnings, is median gross weekly pay of full-time employees on a workplace basis.
Median earnings are based on the pay period containing a particular date in April each year. Data are published in October of the same year.
Although the data are robust for large authorities, for smaller authorities apparent changes in earnings from one year to the next should be treated with caution. For a minority, even apparent changes over two years or more may not reflect real changes.