REGENERATION, Cornwall

Question 1

Why was the regeneration needed?

Answer 1

Cornwall had the lowest weekly wages in Brittan- approx. £330, 25% below average

Lots of seasonal workers

Deindustrialisation, due to less agri as they were undercut by imports + exhaustion of tin mines, led to unemployment, multiplier effect

Over 200 people left unemployed after SW film studios went bankrupt in 2004

Poor services, transport and shops

Question 2

Where did the funds for the regenerations come from?

Answer 2

Convergence funding + investments

Question 3

What is an example of convergence funding in Cornwall?

Answer 3

Lobb’s Farm
Needed £320,000 to create their farm shop, raised £20,000 then rest from investment.
Yearly turnover is now £700,000

Question 4

Who were the key players in Cornwall’s regeneration?

Answer 4

EU- granted convergence funding (before UK left EU)

UK govt- Made a long term £360m commitment of investments, initial investments of aprox £370m.

Local govts- Became a large employer

Environmental stakeholders- Potential for wind+wave energy, income generator… But main income is tourism, so protect scenery

Question 5

What is convergence funding?

Answer 5

When public and private investors blend to finance investments, often in emerging markets

Question 6

What is the wave hub?

Answer 6

Built in 2010, generates wave energy to transfer to national grid.

Can power up to aprox 700 homes

Question 7

How was the wave Hubs creation funded?

Answer 7

Cost £42m…
Funded by, UK Govt, EU and SWRDA ( south west regional development agency)

Question 8

How has the wave hub benefitted Cornwall?

Answer 8

Aprox…
£76m made
1000 jobs create in SW
20MW capacity

Caused local marine tech industry development (put Cornwall on the map as pioneering site for marine tech)

Question 9

How has the wave hub benefitted Cornwall in the long run?

Answer 9

Most jobs were temporary, e.g construction

Very little energy is actually made

Become a hub for projects like floating wind energy etc…

Question 10

How has the Eden project benefited Cornwall?

Answer 10

-Generated £1.1b in last decade

-15m have visited since opening

-650 direct jobs, 3000 relocated jobs

-Supports 2700 local suppliers

-Encourages out-of-season tourism