Scilly Is Economic Success Story According To Bank Survey

Scilly, along with Cornwall, represents one of the economic development success stories in England over the last 13 years.

That’s according to a national survey by Halifax Bank who have analysed data from the Office of National Statistics.

The average house price went up in our areas by 257% between 1998 and 2008 although there has been a 12% drop in that value in the last three years with the economic downturn.

The average property price has gone up from £62,000 to around £222,000.

And Scilly and Cornwall has seen the smallest rise in the number of people claiming unemployment benefit in the last three years with less than a 1% increase.

Diana Mompoloki of the Town Hall says the data shows that European funding has helped with cash from Objective One and the later Convergence Fund.

Projects like the tourism champion initiative and the schemes to allow our flower farmers to work together in mainland marketing have been supported by European money.

But Diana says unemployment data isn’t  relevant to Scilly as we’ve never had a problem with the number of jobs available.

The European support was offered because people in work were earning less than 75% of the average European wage.

Europe will decide over the next year or so whether we have turned the corner and whether we will  be eligible for support cash in the future.

Again Diana says the house price hikes benefit few islanders as 70% of us rent from the Council or Duchy.

Over the water its the other way around with 70% being homeowners.