Cornwall Chamber CEO Responds to Government Budget

Cornwall Chamber of Commerce has responded to the Chancellor’s latest Budget, with chief executive John Brown saying Cornwall has gone from being ignored to being named repeatedly at Westminster.

Cornwall “On the Map” in Budget Announcement

John Brown said the Budget highlighted Cornwall several times and confirmed a £30 million Kernow Industrial Fund. He said agritech, marine and critical minerals were placed “front and centre”, reflecting strengths Cornwall has promoted for years.

John said “good money spent badly is as bad as no money at all”, adding that business and Cornwall Council need to work together to make sure the fund is invested wisely.

Local Funding and Planning Support

John highlighted funding for a new neighbourhood health centre in Truro. He also said business rates would remain with Cornwall Council and pointed to a £48 million national uplift in planning capacity. He said this could help cut through the red tape that has slowed infrastructure projects.

Impact on Workers, Entrepreneurs and Businesses

John said leaders across Cornwall would now be considering the wider economic picture. He noted the rising national living wage, a two point rise in capital gains tax for dividends and the halving of Employee Ownership Trust CGT relief. According to John, this would have founders and entrepreneurs “scribbling exit plans and cashflow forecasts long into the night”.

He added that hospitality and retail businesses still face daily pressure, with no VAT relief and business rates support that “barely dents the pressure they face daily”.

Will Investment Reach Cornish Firms?

John said it would be interesting to see whether the Budget leads to more scale up capital. He pointed to British ISA changes, strengthened venture schemes, entrepreneurial incentives and reforms to listings and tax certainty. He said these measures suggest an effort to get savings and pensions working for UK businesses. If that results in capital flowing into Cornish firms, John said “we will be getting somewhere”.

“Cornwall Has Entered the Westminster Lexicon”

John said the Critical Minerals Strategy and the Budget show Cornwall is now seen as a destination for investment and opportunity. He said the language has finally shifted.

He added that opportunity only matters if investment is directed into commercially astute projects that support Cornwall’s long term economic future. John said accountants, financial planners and MDs across Cornwall would now be examining the details and working through the possible consequences.

📷John Brown, Chief Executive of the Cornwall Chamber of Commerce