THIS Labour government’s £30-million investment into Cornwall – the Kernow Industrial Growth Fund - is now live!

Announced in the Chancellor’s Autumn Budget, this funding is a huge boost for our local economy and a vote of confidence from this Labour Government in Cornwall’s bright and innovative future.

It comes after a massive amount of campaigning, persuading, and advocating from all four of Cornwall’s Labour MPs to ensure that our region’s potential for enhancing UK plc is recognised nationally and reinforced with investment. It will create skilled local jobs, strengthen supply chains, and offer greater opportunities for Cornish businesses to grow and stay here. Delivered by Cornwall Council, it focuses on areas where we already have distinctive strengths, including critical minerals, renewable energy, as well as space and marine innovation.

Cornwall has unique potential to lead in these sectors, which align closely with national industrial priorities and will shape the UK’s future. Take critical minerals. Cornwall already has a proud mining heritage and, at its peak, exported resources across the world. Today, those same resources are vital to the clean energy transition and development of new technologies. With significant deposits of critical minerals, like lithium and tin, still beneath our feet, Cornwall can again play a critical role in UK and global industry. This could directly benefit Falmouth, for example through a new freight rail link to Falmouth Docks. That would help companies like Cornish Lithium export more easily and shows the knock-on effect this funding could have for wider Cornish infrastructure.

A total of £27-million is allocated for capital investment, with the remainder focused on programme delivery and sector development. That means a chunk of money to invest in infrastructure and research and development, as well as helping businesses scale up and offer good-quality jobs. The programme is expected to help attract further private investment into Cornwall. It also sits alongside this Government’s wider changes to procurement policy, which aim to more effectively support UK-based businesses with government contracts and which I will be watching like a hawk to make sure happens in future.

A particular strength of this fund is that decisions will be made locally. Cornwall Council will administer to make sure that funding is targeted where it will have the greatest impact. This builds on programmes such as the UK Shared Prosperity Fund and supports the Labour government’s shift towards devolved, locally led funding.

Work is already underway between the government and Cornwall Council to develop an Investment Plan, which will set out how the fund will operate in practice. I will work closely with Cornwall Council and businesses to guarantee that this funding will deliver real value for local communities. The other Labour MPs and I recently met with Cornwall Chamber of Commerce’s new CEO to discuss how Cornish businesses can make the most of this opportunity.

For a long time, Cornwall has faced economic challenges despite having so many assets and strengths. This funding gives us a renewed opportunity to unlock our potential and spark sustainable growth, both here in Cornwall and across the UK.