For some time your paper has devoted much space on the subject of Objective One Funding for Cornwall.
This means that over the next seven years Cornwall could receive £300 million from the European Union provided that matched funding of £42 million is forthcoming from Government (National/Local) and Private sources for seven years.
On paper this looks to be a very good bargain until other financial figures are considered. Using H.M. Government information the UK pays £1.2 million every hour to the E.U. or £10.483 billion per year.
From every man, woman and child £175 is taken by H.M. Government in taxation and given to the E.U. every year. The resident population of Cornwall is 495,000 (Cornwall County Council figures), therefore the E.U. is paid £86,625,000 from Cornwall.
For seven years Cornwall could receive a £42 million provided matched funding is obtained. Thus the E.U. retains over £44 million from Cornish Taxpayers.
The money will be administered by the South West Regional Development Agency who will charge Cornwall 5%-8% (£2.1 to £3.36 million) from a maximum of £42 million per annum.
Then consideration on how much has been spent by Cornwall County Council on professional advice, fees, conferences, meetings, trips to London to lobby H.M. Government, all at very nice expenses for participants at Cornish Council Taxpayers expense possibly at least a six figures sum.
So far not one penny has been received by Cornwall from the E.U.s Objective One Fund: from media reports it looks unlikely that more than half of £300 million will come from the E.U. with H.M. Government retaining the balance. Some Bargain.
A. COOK
Liskeard