Podcast
Questions and Answers
What were the factors that contributed to Cornwall's economy growing faster than the UK average between 2000 and 2010?
What were the factors that contributed to Cornwall's economy growing faster than the UK average between 2000 and 2010?
Sustained investment, primarily from the public sector.
Why has the private sector become increasingly important for investment in Cornwall's economy since 2010?
Why has the private sector become increasingly important for investment in Cornwall's economy since 2010?
Funding has been contested.
What are some of the major challenges facing Cornwall's rural economy?
What are some of the major challenges facing Cornwall's rural economy?
Low average incomes and a lack of private investment.
What was Objective One and how did it work to regenerate Cornwall's economy?
What was Objective One and how did it work to regenerate Cornwall's economy?
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How many projects in Cornwall were backed by Objective One by 2007, and how much money was invested?
How many projects in Cornwall were backed by Objective One by 2007, and how much money was invested?
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Can you describe an example of a business that successfully used Objective One funding to start and grow in Cornwall?
Can you describe an example of a business that successfully used Objective One funding to start and grow in Cornwall?
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Why is the lack of rural investment in Cornwall a problem for young, well-qualified residents?
Why is the lack of rural investment in Cornwall a problem for young, well-qualified residents?
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Study Notes
Challenges and Successes in Regenerating Cornwall's Rural Economy
- Cornwall's economy grew faster than the UK average between 2000 and 2010, thanks to sustained investment, primarily from the public sector.
- However, since 2010, funding has been contested, and the private sector is now relied upon for additional investment.
- Regeneration is harder in rural areas, and the rural economy faces major challenges due to low average incomes and a lack of private investment.
- Cornwall had England's lowest full-time average earnings in 2011, at just £25,155 per year (77% of the UK average), and the real average is likely even lower when part-time workers are included.
- 20% of Cornwall's working-age population earns less than the living wage (£7.45 per hour in 2015).
- Prior to 2010, a lot of public-sector investment was put into regenerating Cornwall, using grants from local and national government and the EU, under a funding model known as Objective One.
- Objective One was a type of convergence funding, designed to raise the incomes of rural areas by matching funding raised by individual business people.
- New potential businesses could approach funding bodies, such as local councils, and the funding model aimed to reduce the risks faced by new businesses.
- Objective One backed 580 projects in Cornwall with £230 million by 2007, and the Cornish economy grew faster than the UK average until 2005, with the fastest growth rate of any EU region.
- One farm shop used the funding model described, raising £20,000, which was matched by the council, then the South West Regional Development Agency, and finally the EU Objective One funding, creating the necessary £320,000 for the business to start.
- Ten years later, the farm shop's annual turnover was £700,000, and it employed 20 people.
- The lack of rural investment leads to a lack of opportunity and high-income employment in Cornwall, causing a "brain drain" as young, well-qualified residents are forced to leave and find work elsewhere.
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Description
Test your knowledge of the challenges and successes in regenerating Cornwall's rural economy with this informative quiz. Explore the impact of public and private investment, the use of funding models like Objective One, and the struggle to raise incomes and create high-income employment in Cornwall. Discover how the lack of investment affects the region's economic growth and drives young, well-qualified residents away. Put your understanding to the test and see how much you know about regenerating Cornwall's rural economy.
