Less than 500 registered adult breeding females exist nationwide
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Fell ponies should be used to attract more visitors to the Lake District, a study has suggested.
Conservation scientist David Anthony Murray says in the Defra-funded report that the animals could be one of Cumbria's biggest tourist draws.
He suggests organised visits to see the ponies in their natural environment, and school visits could be set up.
But the report also found the ponies are threatened in their traditional upland environment.
The report concludes that use of the fell pony for environment-friendly grazing could play an important part in conserving habitats and wildlife in the British uplands.
Ponies threatened
North West Rural Development Service adviser Joanne Moysey said: "Fell ponies have been around, virtually unchanged, since Roman times.
"But the truth is that the majority of visitors to the Lakes are unaware of their existence.
"This feasibility study indicates that the fell pony may bring economic and environmental benefits for the Cumbrian fells and to the county as a whole."
Defra awarded Mr Murray a grant of more than £6,000 and Friends of the Lake District also supported the project.
The report says fewer than 500 registered adult breeding pairs exist nationwide, but historically their grazing habits have helped to preserve the traditional "mosaic" of the Cumbrian uplands.
The report said: "However, it is now threatened in its traditional upland environment and controlled expansion is needed to satisfy future conservation needs, particularly in Cumbria and northern England."