Plymouth in line for bigger share of European cash
PLYMOUTH is in line to receive a bigger share of European funding to boost the economy and create jobs in a budget deal with Brussels.
The Prime Minister David Cameron has announced that Plymouth and the rest of Devon will qualify for a larger allocation of EU cash, than is currently the case.
It follows the creation of a new funding tier for 11 so-called "transition regions", including Devon, which could be in line to share a total of £2.6 billion over the period 2014-20.
Under the existing system Devon loses as it falls into the same category as much more affluent areas such as inner London and Brussels.
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Grant aid based on the comparative poverty of each region judged by their gross domestic product or GDP.
Cornwall's GDP is 73 per cent of the European average which is below the 75 per cent qualifying rate for the highest EU assistance.
Devon's GDP, including Plymouth and Torbay, is 88 per cent of the European average, which means it gets the same funding per head as Brussels and inner London which has a GDP of 327 per cent.
It means on one side of the Tamar, in Cornwall, European aid is currently worth £1,120 a head, compared to £118 - about 10 per cent - in Devon.
There are concerns it will mean businesses choosing to set up in Cornwall based on the disparity in European aid.
The revamped system creates a third tier of 'transition' areas with GDP between 75 per cent and 90 per cent of the European average. These would receive bigger share of structural funding than they would have if classified as a more developed region.
8 Comments
by jabbathebutt
Tuesday, February 12 2013, 9:16PM
“Last time it was calculated, in 2008, the European Union was costing us £65 billion gross every year. That's about £1,000 each every year for every man, woman and child in the UK. It increases every year, so it will be a lot more now.
* Source: Office for National Statistics "Pink Book"
Sorry for the copy and paste bit .... but puts into perspective the measly 2.6 billion promised a year from now and spread over a six year period in a massive area . And we are supposed to be gratefull ?”
by timplymouth
Tuesday, February 12 2013, 7:04PM
“I think that's a bit optimistic sssss2010. Maybe a new railway station at Exeter Airport could be possible or a new link road here or there. Your shopping list would cost about 10 billion :)”
by sssss2010
Tuesday, February 12 2013, 6:52PM
“Waltersmith and a big fat pension that Civil Service Unions seem to think are fair and reasonable!!!!”
by Waltersmith
Tuesday, February 12 2013, 6:02PM
“@sssss2010
I suggest you become a consultant as that's where the money'll go”
by sssss2010
Tuesday, February 12 2013, 5:26PM
“When the headline said Plymouth, the article says Devon!! that's very miss leading. Apart from that it is good news.
Perhaps the funding could be used to extend the M5 to Plymouth, reopen Plymouth Airport and re route the main line from Exeter to Plymouth avoiding the river Exe and straight through to Plymouth (without any stops). This would benefit the County as a whole.”
by Waltersmith
Tuesday, February 12 2013, 3:58PM
“This is quite embarrassing for all the local politicians.”
by sluscombe
Tuesday, February 12 2013, 12:40PM
“Of course, they've just reduced the budget! Typical!!!!”
by leroc
Tuesday, February 12 2013, 7:30AM
“Oh dear, not good news for the UKippers!”