Objective One
- Created by: emily_w
- Created on: 28-03-15 10:07
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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
- Aims to reduce social and economic differences within EU
- 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
- Development agencies
- 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
- Bid to SW Development Agency to match, now have £160,000
- Ask local council to match it, now have £80,000
- Get bank loan for £20,000, now have £40,000
- 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
- Cornish economy growing faster than UK avg.
- What is it?
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