CORNWALL’S Liberal Democrats have said they welcome the budget announcement made today by the government and have celebrated the announcement of £30-million of investment targeting Cornwall’s mining and marine industries.

In the budget announcement, Rachel Reeves, the chancellor of the exchequer said that there will be the creation of a Kernow Industrial Growth Fund.

It is expected that this it is to be a replacement for the impending end of Shared Prosperity Funding (SPF), which replaced funding lost upon the United Kingdom’s decision to leave the European Union (Brexit), although it is understood that it is not a direct pound-for-pound replacement.

The trio of Cornwall’s leading Liberal Democrats have said that the announcement comes after ‘pressure’ exerted on the government by the party’s two MPs and council leader.

Ben Maguire, the member of parliament for North Cornwall said that he had repeatedly raised the issue in the House of Commons and in meetings with treasury officials, including the Chief Secretary to the Treasury alongside Andrew George, the member of parliament for the St Ives constituency.

In reaction to the quote, Mr Maguire said: “This is very welcome news and shows what can be achieved when Cornwall’s representatives work together. I raised the funding cliff-edge Cornwall faced time and again in Parliament and met directly with Treasury Ministers to make clear how much proper investment was needed in our Duchy.

"£30 million is absolutely a good start, but Cornwall still needs long-term, sustained investment to match the scale of our ambition and vast potential. I'll keep fighting on behalf of my constituents to ensure Cornwall gets the funding it needs to thrive."

Fellow MP Andrew George said that the announcement meant that ‘Cornwall’s voice was being heard’, stating: “Cornwall’s voice has finally been heard. We’ve been really united in pressing for fair funding and this new Kernow Industrial Growth Fund, announced today, is a step in the right direction.

"But the Government must go further... Cornwall deserves the same level of support as other regions if it’s to build a sustainable, inclusive economy."

Cllr Leigh Frost, the leader of Cornwall Council said it was a ‘lifeline’ to the Duchy, adding: “Cornwall’s businesses, innovators, and communities have delivered outstanding results through Shared Prosperity Funding, and I’m pleased to see that recognised in today’s Budget with the announcement of the new Growth Fund.

"This is a lifeline for local growth here in Cornwall, and goes to show the real value of speaking with a united voice in Westminster."