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Convergence funding and its impact on Cornwall

Convergence funding and its impact on Cornwall

Despite the very gloomy picture that has been painted in the press recently, the recession and the economic downturn have not had such a big impact on the Cornish economy as was anticipated. 84% of Cornish businesses employ 10 or less people and we do not have the volume of large national and international companies that other counties enjoy but during these difficult times, this has gone in our favour. 70% of business start-ups survive for 3 years or more and we are uniquely placed because of our environment to move forward with new technologies and to be a world leader e.g. the wave hub and fibre optic broadband provision.

Cornwall was awarded Convergence funding in 2007. The money needs to be committed by 2013 and spent by 2015. To date, over £205m has been invested in projects in the county. The focus of the funding is economic transformation and this is reflected in the projects which have already been supported such as the Combined Universities Cornwall, the Peninsula Medical School, the Wave Hub project, Broadband and MyCornwall.tv.

The legacy which the programme will leave is the creation of new sectors through new technologies focussed particularly around the environment and harnessing natural resources. For more information visit www.convergencecornwall.com and Freephone 0800 028 0120.

October 2009

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