Cornish translation available soon

What was the process?

Objective One is one of three programmes set up to help reduce differences in social and economic conditions within the European Union (These three funding programmes are the biggest area of European spending after the Common Agricultural Policy).

Of the three, Objective One is the highest priority designation for European aid and is targeted at areas where prosperity, measured in Gross Value Added (GVA) per head of population, is 75% or less of the European average.

The Objective One programme is making £350 million in European investment available – the exact amount is not definite because the sum awarded is in the Euro and the precise final figure of what we get will depend on exchange rates.

The European money has to be matched, across the programme as a whole, with the same amount of UK money. This match funding will come through investment from various public bodies. Other funds will also be provided from the private sector (Levels of investment and the amount of match funding will vary, however, for individual projects).

The four funds and the proportion they will provide of the Cornwall and the Isles of Scilly programme are: European Regional Development Fund (ERDF) – 60.4%; European Social Fund (ESF) – 20.3%; European Agricultural Advice & Guarantee Fund (EAGGF) – 15.9%; and Financial Instrument for Fisheries Guidance (FIFG) – 3.4%.