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| £465m EU fund misses jobs targets in Cornwall | £465m EU fund misses jobs targets in Cornwall |
| (about 3 hours later) | |
| A "damning" report has found that millions of pounds of European Union funding failed to create an expected 10,000 new jobs in Cornwall. | A "damning" report has found that millions of pounds of European Union funding failed to create an expected 10,000 new jobs in Cornwall. |
| Independent consultants analysed the impact of £465m of EU convergence money in the county between 2007 and 2013. | Independent consultants analysed the impact of £465m of EU convergence money in the county between 2007 and 2013. |
| It found private sector investment was £440m lower than expected and labelled the project "poor value". | It found private sector investment was £440m lower than expected and labelled the project "poor value". |
| The European Regional Development Fund (ERDF) said targets were set "prior to the 2008 the financial crisis". | The European Regional Development Fund (ERDF) said targets were set "prior to the 2008 the financial crisis". |
| The report found that 3,557 jobs were created by the investment. | The report found that 3,557 jobs were created by the investment. |
| Kim Conchie, chief executive of the Cornwall Chamber of Commerce said: "It's pretty damning in many ways, the vast majority of money that's been spent in Cornwall and the Scillies over the past 15 years has not resulted in the number of jobs or the value added that we were expecting. | |
| "You've got some absolutely damning statistics for example in the research and development fund the cost per job was £160,000 per person." | "You've got some absolutely damning statistics for example in the research and development fund the cost per job was £160,000 per person." |
| Cornwall and the Isles of Scilly were given €654m from the ERDF and European Social Fund because its economic performance had been below 75% of the European Union average. | Cornwall and the Isles of Scilly were given €654m from the ERDF and European Social Fund because its economic performance had been below 75% of the European Union average. |
| The funding intended to "transform the economy to a high value added economy" and was spent on projects including a link road at Camborne and the Wave Hub at Hayle. | The funding intended to "transform the economy to a high value added economy" and was spent on projects including a link road at Camborne and the Wave Hub at Hayle. |
| Independent consultants found there was "significant under-performance of the programme in achieving its target results regarding jobs, Gross Value Added and private sector investment". | Independent consultants found there was "significant under-performance of the programme in achieving its target results regarding jobs, Gross Value Added and private sector investment". |
| It also found that "the uncertain economic climate" was "a significant factor" in the project's performance. | It also found that "the uncertain economic climate" was "a significant factor" in the project's performance. |
| Key findings: | Key findings: |
| The ERDF convergence team said: "The targets for the programme were developed prior to the 2008 the financial crisis, but it was decided to keep them in order to aim high and achieve the best possible return on investment despite deeply challenging circumstances. | The ERDF convergence team said: "The targets for the programme were developed prior to the 2008 the financial crisis, but it was decided to keep them in order to aim high and achieve the best possible return on investment despite deeply challenging circumstances. |
| "The lessons learnt from this programme will be carried forward into the next European Funding Programme". | "The lessons learnt from this programme will be carried forward into the next European Funding Programme". |