Cornwall and the Isles of Scilly
Economic overview
Cornwall and the Isles of Scilly are among the most rural parts
of the UK with significant dependence on tourism and on fishing and
agriculture. The population is about 530,000 and is growing
steadily. The dispersed network of towns includes significant
conurbations at Camborne, Pool and Redruth, St Austell and the Clay
Country, and Falmouth and Penryn. Truro is the administrative
centre and only city.
Cornish entrepreneurs and engineers helped kick-start Britain's
first industrial revolution, but the decline of industries such as
mining and fishing brought severe challenges during the 1990s and
the county is one of the poorest parts of the UK.
Convergence funding
As a result, Cornwall and the Isles of Scilly have received
significant structural funding from the European Union to help
improve competitiveness and economic prosperity over the past
decade and continue to do so. The area is unique in the South West
and England in that it qualifies for EU Convergence funding until 2013, a programme
worth around €458 million over seven years plus match funding.
Much of the RDA’s investment in Cornwall provides match-funding
for Convergence projects which are aligned to the RDA’s Corporate
Plan. Accordingly, RDA investment is targeted on business-focused
innovation and research and development and unlocking the economic
potential of key Cornish towns,.
RDA support
The RDA plays a strategic role working closely with partners to
help guide activities and investments which will transform
Cornwall’s economy. These include a major proposed investment
through the Convergence programme in Next Generation Broadband and
the development of the ecotown in Clay Country.
In addition, the RDA, with EU support, is investing £12.5
million in the pioneering £42 million Wave Hub project, which will create the world’s
largest test site for wave energy devices off the north coast of
Cornwall.
The RDA is working with partners to progress three new business
innovation centres - at Pool in West Cornwall, the Tremough campus
of the Combined Universities in Cornwall (CUC) and Treliske in
Truro and is considering a range of proposed projects at the CUC
that concentrate on business-focused innovation, research and
development.
Historical investments include £18 million in the Eden Project,
which between 2001 and 2007 generated more than £737m for the
regional economy, and more than £18m in the CUC, which has created
over 640 new jobs and led to a huge increase in Higher Education
provision in Cornwall
The agency’s largest single investment in Cornwall to date is
£31.5m towards the £75m regeneration of St Austell town centre,
which will create between 500 and 700 jobs.
The South West RDA's Area Director for Cornwall and the Isles of
Scilly is Theo Leijser. The Area Team is based at the RDA's Truro
Office.