European Funding

European Funding The European Union’s Structural Funds support social and economic restructuring across the EU. They account for over one third of the European Union budget and are used to tackle regional disparities and support regional development.

Since 2000 the main EU funded programme that Great Yarmouth has benefited from is Objective 2, but the programme came to an end in 2006. To project committed £23.7 million to the Great Yarmouth and Waveney sub-region. Great Yarmouth has also benefited from a number of other EU funded programmes that have supported employment measures and allowed the borough to collaborate with other EU regions.  The focus of future EU programmes relevant to Great Yarmouth will be on competitiveness and employment and Low Carbon Growth.

The European Competitiveness and employment Programme replaces the current Objective 2 programme. The overarching theme (meta-theme) for the programme is "towards low carbon economic growth”. Additionally, new structural fund regulations for 2007-2013 require that 75% of expenditure under this programme should support the Lisbon Agenda of creating jobs and promoting competitiveness.  The programme’s cross cutting themes will show a strong commitment to environmental sustainability and equality.  Like the Objective 2 programme, the new fund will be delivered by a series of priority axes.  

Current EU funding will not be limited to specific clusters of wards as has been the case to date. Some funds available to Great Yarmouth will also require co-operation with other EU regions.

Please see a list of EU funds available to Great Yarmouth- Please note that the list is not exhaustive and will be regularly updated.

Objective 2 Funding

What was Objective 2 and what did it mean for Great Yarmouth?

Objective 2 was a European Union (EU) Structural fund, geographically designated to concentrate grant aid assistance for maximum impact on areas of greatest need where unemployment is high and economic prosperity is low in relation to European averages.

The aim of Objective 2 was to:
Create and maintain sustainable economic growth that lead to greater economic and social cohesion that protected and enhanced the environment and resulted in increased prosperity, jobs and an improved quality of life for those who lived and worked in the Programme Area. This aim was achieved through the creation, management and development of public, private and voluntary sector partnerships working together for the benefit and future prosperity of the designated area.

What funds make up Objective 2?
There were two main funds under the Objective 2 Programme EU Structural Funds, as follows:The European Regional Development Fund (ERDF) which allowed capital (creation of assets) and revenue (supporting activity) expenditure on projects which provided infrastructure or support towards economically focused projects. European Social Fund (ESF which provided mostly revenue support to training type activities.

Funding
The Objective 2 Programme had £86m European Structural funding available across the region over the seven years of the programme.

Designated Areas
The East of England Objective 2 area includes Breckland, Great Yarmouth North Norfolk Coastal, Luton, Southend-on-Sea and Waveney. Within Great Yarmouth Objective 2 designation,

Six Great Yarmouth wards were granted Objective 2 status and these were:

• Regent

• Nelson,

• Cobholm & Lichfield

• Claydon

• Magdalen West

• Bradwell South & Hopton