Economy

The Transformation Continues – Convergence Funding

Cornwall has long been at the leading edge of economic change. Cornish entrepreneurs and engineers helped kick-start Britain’s first industrial revolution, but with the decline of industries such as mining and fishing in the 1990’s, high unemployment and low levels of earnings became the norm.

As a result, Cornwall and the Isles of Scilly were classified as an Objective One region within the EU, thus enabling it to benefit from major structural funding to improve competitiveness. The Objective One programme ran from 2000 till the end of 2007 and made a dramatic impact on the county’s economy.

These achievements have created a solid foundation for the next phase of development. Supported by a £500 million programme of EU Convergence funding in place until 2013, Cornwall is moving towards the vision of a distinctive, high value, knowledge-based, green economy with opportunity for all. This means a responsible Cornwall, enabling economic development to take place whilst at the same time minimising its impact on the environment.

Find out more about Cornwall's main economic features