HOW IS THE ECONOMIC CLIMATE AFFECTING LOCAL BUSINESS?

UNEMPLOYMENT RATES South West unemployment rates Statistics: The total number of people out of work and claiming benefit in Cornwall decreased to 9,646 in March (2011), down from 10,060 during the previous month (representing 2.9% of the county's working population). Unemployment in Cornwall remains below the equivalent UK rate, which currently stands at 3.8%. References: www. statistics.gov.uk Due to the recent economic recession, local unemployment has increased significantly since the pre-recession levels of 2007; this has had a profound affect –both socially, and economically - on the way in which our local economy operates. Despite our heavy reliance on tourism, unemployment rates have remained consistently below that of the UK. Although this is encouraging, wages in the SW are generally lower, and house prices much higher when compared to the rest of the country. Long-term work is also scarce, due primarily to the relative dominance of our tourism industry.

LOCAL ECONOMY Source: As mentioned earlier, Cornwall relies heavily on tourism to provide jobs and stimulate growth. Another major contributor to the Cornish economy is agriculture – well known for its exceptional quality, this sector contributes around £1Bn each year and provides a number of jobs to the local community. Mining and fishing were also major industries in Cornwall, but both have declined significantly in recent years.

LOCAL ECONOMY Statistics: The economy of Cornwall is largely dependent upon agriculture followed by tourism. Cornwall is one of the poorest areas in the United Kingdom with a GDP of 62% of the national average. Farming and food processing now puts £1 billion a year into the Cornish economy (2007). The Cornish economy also depends heavily on its successful tourist industry which contributes 24% of Cornwall's GDP and supports about 1 in 5 jobs. Source:

EU FUNDING In 1999, Cornwall and the Isles of Scilly was classified as an Objective One region and given access to £350m (€498m) of support from the European Union. This funding allowed Cornwall to invest in a new and lasting prosperity and to revive a struggling economy. Six years later, the investment cycle of the Objective One Programme is complete. Despite the great improvements brought by this funding, Cornwall has again been identified as having a relatively weak economy compared with the EU average. The area has therefore been awarded European Union 'Convergence status' worth £415m (€579m) over the period These funds from the European Union (EU) will continue to help develop the local economy and move it closer to the EU average.

IMPACTS IN FALMOUTH The impact in Falmouth has been the closure of a number of local Businesses and an increase in Unemployment More people are trying to get places in 6 th Form or college because there are fewer jobs. Cornwall has always had a higher than average number of sole trader and enterprise businesses and this is increasing during the recession.

WHAT WE CAN DO Our school are increasing the number of vocational courses and apprenticeships to give more work skills to young people and create alternatives to being unemployed. We do courses in employability to give us better chances of getting a job. We do enterprise projects like Comenius to help us get ideas for our own businesses or jobs in other countries.

Want to know a little more about our local area? Come and visit us in April. Falmouth Sixth form college