MPs hail Reeves' £30m Cornwall Growth Fund

CORNWALL will receive a new 'Kernow Industrial Growth Fund' worth £30 million over the next two financial years.

- LEE TREWHELA Local Democracy Reporter

The announcement was made in Chancellor of the Exchequer Rachel Reeves' Budget speech and has been welcomed by Cornwall's Labour MPs.

The new funding is for Cornwall to invest in areas such as critical minerals, renewable energy and marine innovation. It is a noticeably smaller amount than Cornwall has received from the Government's Shared Prosperity Fund (SPF) over the past three years - funding that comes to an end in March. However, one of Cornwall's Labour MPs has said further funding for Cornwall is “coming down the track”.

In a joint statement, Cornwall's four Labour MPs said: “Cornwall is a unique region in the country, alone in England in being recognised as having National Minority Status. It plays a key role in our Industrial Strategy, which commits to harnessing regional strengths. Cornwall is also vital to the Government's new Critical Minerals Strategy, with its significant lithium deposits.