EU Funding - Convergence Programme 2007-2013
Last updated: 05/02/2010
Add to My Bookmarks
In 1999, Cornwall and the Isles of Scilly was
classified as an Objective One region and given access to £350m
(€498m) support from the European Union. This funding allowed
Cornwall to invest in a new and lasting prosperity and to revive a
struggling economy. Six years later, the investment cycle of the
Objective One Programme is complete. Despite the great improvements
brought by this funding, Cornwall has again been identified as
having a relatively weak economy compared with the EU average. The
area has therefore been awarded European Union 'Convergence
status' worth £415m (€579m) over the period 2007-2013. These
funds from the European Union (EU) will continue to help develop
the local economy and move it closer to the EU average.
The programme has four Priorities, as follows:
- Priority Axis 1: Innovation, Research and
Development
The aim of this Priority is to enable
Cornwall and the Isles of Scilly to compete as a centre for
creativity, innovation and research and development. It has a key
role to play in identifying and supporting those areas where
specialist area of expertise and knowledge can be established,
capable of attracting investment and talented people, building upon
the already established business and sectoral strengths.
- Priority Axis 2: Enterprise and
Innovation
The aim of this Priority is to re-structure
the economy to one with a higher proportion of high value added
business, under-pinned by more productive enterprises across the
business base. This priority has a key role to play in addressing
the low earnings, low skilled nature of the economy.
- Priority Axis 3: Transformational
Infrastructure
Developing a limited number of major
investments for transformational infrastructure is now critical in
developing a platform which will allow for a step change in
economic performance. These developments are focussed on improving
connectivity between local businesses and national and
international knowledge and trading networks and new markets.
- Priority Axis 4: Unlocking the Economic Potential of
Growth
The strategic objective is to develop in a
sustainable manner, the capacity of key towns and locations to
accommodate new investment critical to the development of a
knowledge base and higher value added economy. The work on key
towns and future business space needs highlights the distributed
nature of employment and the scale of opportunity in many other key
towns and rural areas. The Convergence Programme will support the
modernisation of the business infrastructure in locations with the
potential to secure significant new investment and which can add to
the process of transforming the economy. This will be done on a
planned and phased basis, taking account of future demand.
Locations subject to major regeneration changes and requiring long
term and significant support to address specific economic
challenges are: Camborne, Pool, and Redruth; and St Austell and the
Clay Country. Other locations require more limited and specific
interventions to unlock significant opportunities. In these areas
actions will be focussed on managing economic growth in a planned
and sustainable manner. The focus of this strand will be the areas
of Truro, Falmouth/Penryn. Newquay, Bodmin and Penzance/Isles of
Scilly.
For further information please refer to the following links:
Funding Advice
Grants Advice Service
Further information on European funding can
be found in the Guide to European Funding 2007-2013