EQ4- How successful is regeneration?

Success of economic regeneration (of Docklands)

Employment rate: 73.6 in Millwall, compared to Custom House 62.8 and Tower Hamlets 63.6.

Median household income: 47k in Millwall compared to Custom House 32k.

Median house prices: 420k in Millwall, Custom House is 250k.

Success of social regeneration

Health deprivation: better than 26% of areas in England compared to Custom House better than 10% of areas.

Crime rate: Millwall crime rate 5% under LDN avg, Custom House is 32% higher than LDN avg.

Success of environmental regeneration

Environmental quality: EQI in Custom house ranked 10/34. Millwall ranked 15/34. (the higher the better) Takes into account living building quality, open spaces, etc.

Reduction in pollution: Millwall has an avg annual AQI of 38 compared to Custom House with 30 AQI. (the higher the worse). Both are considered higher than max level established by the WHO in a year.

Sources + types of investment + strategies in Olympic Games 2012

Private

Retail led: Westfield (Australian property company) borrowed £700M to build shopping centre. Annual turnover was £1bn in the first 4 years. Has created over 10k jobs. +competitive( brings down costs) -company’s interest may not match the public’s.

Public

Tourism + sport led: Olympic + Paralympic Games cost £9.3bn- costs were recovered through ticketing, TV sponsorship, sales of apartments in Olympic Village post 2012. +provides infrastructure where it is needed, not where profit will be made. -slow process

Public-private partnerships(local)

Partnership between gov. and property developers to offer housing. 800 ‘affordable’ houses built.

Contrasting views of success between stakeholders - Olympic Games 2012

2 views include: the impact of change + lived experiences of the area. Change in housing, transport, use of Olympic venues.

UK central gov: LDDC oversees development + legacy of games-over £6bn in revenue. Views include use of the Olympic venue post 2012, more employment + housing.

Local gov: Regeneration to continue post 2012. Expansion of housing, effective transportation-12 000 houses built

Stakeholders in local economy: 207 companies employing 5000 people on former industrial estate compensated to move for Olympic venues. However, there were objections as workers still faced longer commute.

Environmental stakeholders: Lea Valley manufacturing collapse led to dereliction.Queen Elizabeth Olympic park to re-landscape the area, wetlands within the park, nesting sites + breeding boxes to ensure rise of species of fish, birds, newts.

Stakeholders in people(residents): Athletes village (now Stratford East) stands on site of former housing of Clays Lane. 450 people were relocated, breaking up the community. A promise to re-house them after 2012 was never honoured. The ‘affordable houses’ plan of 3000 were cut to 800- these houses are not affordable for low income residents.

Reasons for decline in Cornwall - national + international

Jobs are mainly seasonal, part-time and poorly paid. e.g. wages 25% below UK avg.

Only 33% of profits stay in Cornwall e.g. leakages to pub chains.

Inward migration of old retiring people: low spending + incomes, but increase demand for housing + therefore prices, causing young people to leave- ‘brain drain’.

Decline in primary sector: EU quotas allocate fish supplies to other European countries, a collapse in tin prices caused by overseas competition impacts mining in Cornwall, importing food from overseas where wages + costs are lower e.g. farmers producing milk for 21p per L compared to 14p overseas.

Players in Cornwall’s regeneration

UK gov: SWDA (south west development agency) gave financial grants

Local gov: offered discount on business taxes as part of its EZ in Newquay.

Stakeholders in local economy: Banks would provide loans to new + growing businesses.

Stakeholders in people: Use of CUC project plays a role in regeneration (see next flashcard)

Environmental stakeholders: Scenery + natural environment attract tourism. Societies such as National Trust own large areas of land in Cornwall + are invested in its protection. Cornwall has huge potential for wave + wind power for renewable energy.

Regeneration strategy- Eden Projects in Cornwall

Between 2000-2010, economy grew faster than national average (5.8% compared to 5.4%).

However, it is still the weakest economy in UK despite improvement.

The Eden Project

+Eden’s strong ‘buy local’ policy means it spends 61% (nearly £5m) of its purchasing budget in Cornwall.

+600 equivalent full-time jobs created including seasonal + part-time- 75% of staff were previously unemployed.

-3500 cars fill Eden’s parking spaces, generating more CO2 emissions than all other sources in St Austell.

-conflict with local people- admission prices are too high in an area which is so poor.

Watergate bay

Extreme sports academy offers courses in surfing, wave skiing. Run Watergate bay hotel with a bar, accommodation, employing 60 people.

Fifteen Cornwall restaurant owned by TV chef Jamie Oliver overlooking the bay. Run by 15 disadvantaged 15-24 year olds who train in Cornwall collage.

Technology hub

Superfast broadband: becoming the largest rural fibre network. £132million created 4000 new jobs + benefits businesses.

Wave hub project: connection to wave energy systems- brings electricity to UK through turbines.Expected £76 million profit over 25 years.

Combined universities in Cornwall (CUC)

Exeter uni, Truro + Penwith colleges join to form CUC. Helps graduates set up businesses + secure jobs in the knowledge economy to cut brain drain. Boosted property rental market + nighttime economy.

Location Cornwall

Arts + culture: Annual festival hosts musicians, authors, etc. Truro hall for theatre, dance + music.