Objective One

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  • Objective One
    • What is it?
      • Aims to reduce social and economic differences within EU
        • Funding granted to areas where GDP less than 75% EU avg. or less
      • Funding comes from EU
      • Aims to encourage investment to boost local economies
    • Who are the key players?
      • Development agencies
        • South West Development agency
      • Central Government + agencies
        • Arts Council
        • Countryside agency
        • Jobcentre Plus
      • Environment groups
        • Cornwall Heritage Trust
        • English Heritage
      • Education interests
        • Combined Universities in Cornwall
        • University of Exeter
      • Business interests
        • Eden Project
        • Cornwall Tourist Board
      • Private individuals investing own money
      • Local councils
        • Cornwall county council
        • Isles of Scilly council
    • How does it work?
      • Bottom-up approach
      • Match funding
      • Investor sets up £20 000 own money
        • Get bank loan for £20,000, now have £40,000
          • Ask local council to match it, now have £80,000
            • Bid to SW Development Agency to match, now have £160,000
              • Bid to Obj.1 to match, now have £320,000
    • How successful is it?
      • Cornish economy growing faster than UK avg.
        • Grew 5.8% per year 1994-2004. UK avg. was 5.4%.
      • 2003, Cornish economy showed greatest improvement compared to all EU regions
      • Individual schemes have varying success

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