Cornwall and Isles of Scilly outperform Inner London
Statistics released today (Wednesday December 21), reveal
that Cornwall and the Isles of Scilly had one of the fastest
growing economies in the UK in 2003.
The local GVA (Gross Value Added) statistics are released
annually by the Office for National Statistics. GVA is a way
of measuring a region's wealth creation at the place
The statistics for 2003 show that, while Cornwall and the
Isles of Scilly is still bottom of the regional GVA table
in the UK, its percentage growth at 6.8 per cent was well
above the UK average of 5.6 per cent and higher even than
Inner London at 5.7 per cent.
Carleen Kelemen, Director of the Objective One Partnership,
said: "These figures demonstrate that by 2003 it was
clear that Cornwall and the Isles of Scilly had started its
journey towards economic recovery.
"These statistics have been released shortly after
the news that Cornwall and the Isles of Scilly will qualify
for further European investment after 2006. I hope the region
can maximise this further opportunity and build on the successful
foundations that have been laid by Objective One.
"Since the Objective One Programme began we have seen
continued, accelerated growth in the economy of Cornwall and
the Isles of Scilly. In those first three years of the programme,
projects were just starting to have an influence but we have
to remember that this is long term investment which will have
an effect in anything from 10 years to a generation.
"However today we can see visible evidence of
regeneration in the Combined Universities in Cornwall, almost
100 per cent Broadband coverage, an additional 258 units of
workspace, the dualling of the main railway line and investment
in Newquay Airport."
Andrew Mitchell, Cornwall County Council Economy Portfolio
holder, said: "The percentage growth in GVA for
Cornwall and the Isles of Scilly is one of the highest in
the UK. This is great news as was the announcement that we
will receive a large amount of further investment from Europe
after Objective One.
"It was clear that in 2003 the feelgood factor
was also growing with renewed confidence both within Cornwall
and the Isles of Scilly and from those looking to invest in
the region. The fact that Cornwall and the Isles of Scilly
was still at the bottom of the UK table, although catching
up fast, demonstrates that this extra investment will be needed.
"For Cornwall and the Isles of Scilly, achieving
sustainable growth means focussing on the pillars of a more
knowledge-driven economy. The essential support for businesses
trying to 'do things smarter' include bespoke
workspace; better access and connectivity including top class
IT; research and development facilities and a supply of new
knowledge and ideas in the form of graduates and new businesses."
Back in 2003 the Combined Universities in Cornwall had still
not opened and neither had the Knowledge Spa – these
both opened in September 2004. Alongside those projects come
incubation facilities that will encourage business growth
through contact with knowledge (via graduates), research,
facilities and manpower.
Tolvaddon Business Park had been open for a year. The environmentally
friendly buildings now house several "green" businesses
as well as the actnow headquarters.
The actnow project to encourage businesses across the region
to access high speed broadband and to use that world class
facility to their economic advantage was in full swing. The
number of businesses connected by the end of 2003 was 2663.
This is dramatically more than the number by the end of 2002
- 760 – but also much smaller than this December's
(2005) number - more than 7,000.
Traditional industries were also being supported with investment
in food, farming and tourism both directly and through several
gateway funds. For instance, farmers and fishermen were able
to invest in equipment to save time, improve efficiencies
or add value to their product.
For further information please contact the Clare Morgan of
the Objective One communications team on 01872 223439 or email:
Media Relations Manager
Objective One Partnership Office
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01872 223439