Sometimes it feels the wrong way around.
What’s happening in Cornwall is exciting. Known locally as Kernowfornia, it has become the place to be since the summer of 2020 for good reason; green space and clean air, top beaches (one of them is amongst the best in the world apparently), milder climate, superfast broadband, decent schools (in the grand scheme of things) and one of the top universities on our doorstep.
And great people, obviously.
It’s nice for Cornwall to finally have some recognition as an absolute stellar place to be. Some of us have always known this of course, long before the mention of Covid or the work from home revolution promised a country life with the city salary. For those born here and those that migrated here in recent decades looking for a slice of the country coastal life, it has felt a little overwhelming at times recently.
Cornwall is in the midst of a free market frenzy. Money moves around the globe chasing opportunity and Cornwall, in the midst of some sort of hey day it seems, is awash with potential future pay days for those that invest now. It boasts many things that have recently seen their demand skyrocket and value increase; a home by the sea, a holiday let in the latest development, a slice of the green revolution; a valuable mineral, carbon credit rich soil, an offshore wind platform or even a rocket to put satellites in space.
Money is pouring into Cornwall in the form of private investment like the tide washes in twice a day. It brings with it new jobs and new opportunities- especially within the STEM sector which is very much needed. But it’s not all an upside. It’s also important to understand the impact of this tidal wave of cash and people. Some have won, are winning and will win from the ability to move money, relatively unhindered, from place to place, industry to industry, investing it anywhere as they’d like- the latest place being Cornwall. However many have not, are not and will never benefit despite the riches being made on their doorstep.
There is a darker side to globalised free market capitalism and nowhere is this more perfectly brought to light than in Cornwall right now. The reality is that this county is one of the poorest regions in the UK and northern Europe. Seventeen of our neighbourhoods are in the top 10% most deprived in the country and over a quarter of our children are growing up in poverty. The property boom has given birth to a massive housing crisis (see my article here) and house prices can now reach 17 times the average salary in places.
For a variety of reasons Cornwall has a large number of jobs in low-wage sectors; 33.8% of employees are earning below the real living wage compared to the 22.8% UK average. An unskilled or low qualified work force is also an issue; twenty-two of our neighbourhoods are in the UK’s top 10% most deprived for education and training in children and young people.
It seems decades of central and EU funding haven’t had the economic effect that was hoped for. We have the lowest levels of productivity of any LEP area in England and the growth of new businesses is below average and far fewer start-ups achieve scale up; all resulting in a lack of higher paid professional occupations.
Cornwall is a hotbed of inequality- not quite the picture postcard sold on Rightmove or at the recent G7. Whilst house values routinely tip over the £1million mark and hotels get ranked amongst the best in the world, there are children here that have never been to a beach, never set foot on sand, yet they live less than 2 miles from the sea.
Inequality happens when money and resources leak from a flawed system and when the rules and regulations either don’t exist or fail to work in a way they should.
I’m not an economist, a mathematician nor do I have any sort of accounting or numerical qualification (apart from a grade B GCSE Math). I am a storyteller. I have helped to make documentary television programmes since 2000- covering everything from quantum physics to the world’s wildlife. The last few years I have started to learn about how money is created and circulates through our economy. It has changed my understanding of the world around me and I feel drawn to writing about it. I do not claim to be an expert but it is my aim to try and communicate, via a critique of Cornwall, how free market capitalism and it’s ‘quirks’ impact us all. I absolutely don’t mean to be critical of those creating and growing incredible businesses. For those that perhaps do find themselves mentioned I hope I make it clear my issue is always with those that govern and the people we entrust to provide meaningful and beneficial laws and regulation. I don’t blame people for eating a cheap lunch so to say- more the chef that cooks it up and the restaurant that gives it away.
I really will try not to rant. Ranting is something we can do in the pub but not in parliament. What I aim to do with this website is to galvanise people to become more passionate about the world of money. It affects us all yet is one of the least understood aspects of our lives. If we want to change it we need to understand it. Only then can we harness the power of our democracy and political channels to pursue goals of creating real change.
Appendix
https://www.cornwall.gov.uk/media/dxrni5hw/emqu-q2-2021.pdf
https://www.cornwall.gov.uk/media/bvsmbtiy/cornwall-and-isles-of-scilly-industrial-strategy.pdf
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