Economic Development
The Economic Development Unit is responsible for the development and delivery of projects and programmes that benefit local businesses, residents and economy of the Isles of Scilly.
Its work involves working with the local business community and residents to bring forward viable propositions that will improve the economic output of the Islands by reducing barriers to employment and the workplace, by raising the value of existing products, by developing opportunities to diversify the business base and by delivering skilled and well paid employment opportunities. It also includes developing the skills and training that compliment the islands businesses and providing access to business support mechanisms and Higher and Further Education resources that can improve business performance.
Maintaining the economy of the islands is imperative to the long term sustainability of the community. Well paid jobs, career prospects and an atmosphere of entrepreneurism are all necessary to retain a balanced and viable population, as are the provision of affordable housing and community facilities that are both accessible and wide ranging. Of equal importance is the protection and preservation of the outstanding natural environment that is both the basis of our economy and the rationale behind the choice of many to live and work in our community. The work of the Economic Development Department will integrate the principles of economy, environment, community, sustainability and equality of opportunity in all of its actions.
Over the next four years the Isles of Scilly will have access to unprecedented levels of grant funding and it will be the responsibility of this department to work in partnership with businesses, the community and stakeholders, both on the Isles of Scilly and on the mainland, to deliver projects that continue to allow the islands to compete effectively in all markets, enjoy a comparable quality of life and retain its environmental quality.
Below is a prÉcis of some of the funding programmes covering the Isles of Scilly.
The Convergence Programme
Cornwall and the Isles of Scilly have been awarded Convergence Status under the current round of European Structural Fund allocations. This status means that the islands are able to receive European Regional Development Fund and European Social Fund grants towards improving the economy and skills of its businesses and residents.
Further information on the Council’s European Social Fund project, the Evolving Isles, can be seen here.
The European Regional Development Fund has four priority axes and these are:
§ Priority Axis 1: Innovation and Research & Development
§ Priority Axis 2: Enterprise & Investment
§ Priority Axis 3: Transformational Infrastructure
§ Priority Axis 4: Unlocking the Economic Potential of Place
Priority 1 allows for the development of projects stimulating research and development with a focus in building intellectual capital; Supporting ideas, innovation and knowledge, linking companies to universities; innovation and incubation; and the growth of the environmental goods and services sector, such as environmental technologies and renewables.
Priority 2 investment will support new enterprise, high growth companies, targeted business support, business infrastructure and the growth of the environmental goods and services sector (again including environmental technologies and renewable)
Priority 3 looks to developa limited number of major investments allowing local businesses to better access and compete in national and international knowledge and trading networks and new markets.
Priority 4 will sustainably develop the capacity of key towns/areas to deliver investments critical to the development of a knowledge based and higher value added economy. This will include the modernisation of business infrastructure in locations with the potential to secure significant new investment and which can add to the process of transforming the economy.
The Isles of Scilly can receive grant funding towards projects that “fit” with any of the above Priorities. However, they have also received special recognition within Priority 4 along with Penzance as an area requiring “limited, specific actions to unlock significant economic opportunities and thereby realise their potential.” This recognition has lead to the Isles of Scilly being given access to ring fenced funding within Priority 4 that only it and other recognised Strategic Investment Framework (SIF) areas in Cornwall and the Isles of Scilly can use. The Penzance and Isles of Scilly SIF is described in greater detail below.
Further information on the Convergence Programme can be found via the following links:
Convergence Cornwall website
South West Regional Development Agency website
European Union official website
Penzance and Isles of Scilly Strategic Investment Framework (SIF)
In January 2008 the Council of the Isles of Scilly and Penwith District Council were jointly commissioned to develop a Strategic Investment Framework (SIF) for the Key Towns/Areas of Isles of Scilly and Penzance. It was agreed that both Councils would develop their own documents separately and then join them into a single overarching strategy. To inform the SIF the Council commissioned a socioeconomic study to capture information relating to the economy and community of the islands and to identify issues that required specific attention. The socioeconomic study took place over a three month period and included workshops with key stakeholders and a survey of the islands businesses. It also included collection of data from a variety of sources including the Office of National Statistics and the Annual Business Inquiry to develop the most accurate picture of the economy and community of the Isles of Scilly.
Interpretation of this data with contextual information such as existing local, regional and national policies, the requirements of the Convergence Programme, geographical constraints and local knowledge allowed for the development of a series of Priority Projects that will combat the main issues affecting the Isles of Scilly and which fit with the principles of the Convergence Operational Programme.
In July 2009 the Council of the Isles of Scilly was successful in bidding for grant funding for a team to deliver the SIF and other European Regional Development Fund projects over the next four years. This team is now in place within the Council’s Planning and Development Department and is working to deliver the priority projects set out in the SIF as well as investigating other opportunities for the economy of the islands.
An electronic version of the SIF is available here. Opens in a new window
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