What is the Poverty Line here in the UK?

Cornwall (or bits of it) is, allegedly, below the poverty line for the EU and therefore receives Objective 1 funding. What is it based on? Income? Access to food? And no we don't live in mudhuts! I've lived in Cornwall for 20 years and nobody's suffering in a way I would define "poverty" - surely it undermines the suffering happening in 3rd world countries!