Cornwall’s Good Growth Programme Invests £194m but Future Funding Uncertain

The Cornwall and Isles of Scilly Good Growth Programme, managed by Cornwall Council, is on track to deliver a substantial £194 million investment into the local economy. This initiative is forecast to create 1,400 new jobs and safeguard an additional 330 jobs.

Major Investments and Achievements

To date, 143 projects have been approved for a total of £137 million in funding. This financial support has helped attract an additional £57 million in investment, culminating in the £194 million total. The investments span a wide range of sectors, from large-scale strategic funding in emerging fields like tech metal mining and floating offshore wind, to grassroots community projects, arts and culture, and business and skills support.

Over the course of the three-year programme, the region will have created hundreds of jobs, upskilled thousands of people, developed hundreds of square metres of commercial space, supported numerous businesses, reduced thousands of tonnes of carbon dioxide, and created extensive green and blue spaces.

Uncertain Future Beyond 2025

Despite these successes, the future of local growth funding remains uncertain. With all current funding now committed and a deadline of March 2025 for it to be spent, Cornwall Council has reached out to the new Government for clarity regarding future funding.

Louis Gardner, Cornwall Council portfolio holder for the economy, stated, “The Council has worked incredibly hard to make sure our investment from Government has been allocated wisely and efficiently ahead of all other areas of the country. But for the first time in more than 20 years we are facing a cliff edge where we don’t know what comes next.”

Gardner emphasised the importance of maintaining the momentum, stating that the Council is seeking a bridging year of Shared Prosperity Funding to 2026, along with a commitment to a multi-year settlement for future growth funding with local decision-making.

Economic Progress

Gardner highlighted that government funding for local growth in Cornwall and Scilly currently amounts to approximately £133 million per year. The Council is keen to ensure that this level of funding, at a minimum, is sustained in the future.

Recent data reflects Cornwall’s economic progress, with GDP per head rising from 70% of the UK average to 74% in 2021, maintaining this level in 2022. Since 2008, Cornwall’s productivity has grown by 40%, outpacing the UK average growth of 33%, although from a lower base.

Gardner remarked, “We have unfinished business when it comes to our economic ambitions. Although we have come a long way on our journey towards a creative net-zero economy that provides prosperity for all, there is still much to do, as set out in our new economic strategy.”

Background of the Good Growth Programme

The current Good Growth Programme was announced in April 2022, when the Government awarded Cornwall and the Isles of Scilly £132 million from the UK Shared Prosperity Fund and an additional £5.6 million from the Rural England Prosperity Fund over three years. Cornwall Council and the Council of the Isles of Scilly developed an investment plan focusing on communities, local businesses, and people and skills, which was approved by Ministers in late 2022.

This plan includes a commitment to Good Growth Principles, focusing on green and inclusive growth, creating quality jobs, and ensuring payment of the Real Living Wage. The programme has been highly popular, with nearly 500 applications requesting £405 million in funding.

For more information, visit ciosgoodgrowth.com.

Photo: Cllr Louis Gardner