Updated details of Successful Growth Deal 1 & 2
- LEP secures £198m Growth Deal for Cornwall and Isles of Scilly
- Government commits £60m to remove blockages to growth
- Unlocks further £160m from public and private sector
- Creates nearly 5,000 new jobs and 7,000 new homes
- Gives Cornwall and the Isles of Scilly new powers to manage EU funding
The Cornwall and Isles of Scilly Local Enterprise Partnership (LEP), Cornwall Council and the Council of the Isles of Scilly have secured a £198m Growth Deal from Government that aims to create 5,000 jobs and 7,000 new homes.
The deal will see the Government invest £60m, mostly in the next two years, unlocking a further £160m from the public and private sector. Crucially, the LEP and local authorities have also secured new powers to make sure all spending decisions for the next EU funding programme are made locally.
And in what is being seen as a breakthrough for devolved government from Whitehall, the LEP will also have more control over a range of other Government spending streams.
The Growth Deal is the first major tranche of funding needed to deliver the Cornwall and Isles of Scilly Strategic Economic Plan (SEP).
It will see investment in a raft of projects ranging from road improvements to unlock development sites and ease congestion, to cycling and bus routes, and improvements in skills and learning. It also recognises the crucial need to invest in sewage and water facilities on the Isles of Scilly to remove a critical barrier to growth, with a pledge from Government to work together on funding options.
For details about individual Growth Deal projects please see below.
Press Release issued 7 July 2014
Growth Deal Reporting Template (updated May 2017)
Growth Deal 1
A38 Cornwall Gateway: Growth Deal contribution: £3.5m
Improvements to Carkeel Junction that will deliver benefits to Cornwall's connectivity with the UK and accelerate new employment and housing development in Saltash.
Newquay Growth Area: Growth Deal contribution: £2m
Supporting access to Cornwall and the Isles of Scilly's Enterprise Zone at Aerohub at Newquay Cornwall Airport, and housing and employment in the Newquay Growth Area through delivery of transport improvements along the Newquay Strategic Route.
Falmouth Gateway: Growth Deal contribution: £900k
Improvements include a new roundabout junction to unblock a key pinch point on the highway network that will accelerate housing and employment growth in support of Cornwall's strategic education and employment sites.
Bodmin Cornwall's Cycling Town: Growth Deal contribution: £5.8m
Improvements to the extensive walking and cycling network in Bodmin to accelerate growth in the local economy and create a more sustainable travel pattern.
Truro Western Corridor: Growth Deal contribution: £8.3m
Package of schemes to accelerate housing a job growth along a key corridor into Truro, including capacity improvements at Threemilestone roundabout and the delivery of critical walking and cycle links along the Western Corridor.
Night Riviera Sleeper Service: Growth Deal contribution: £9m
Improvements to the Night Riviera Sleeper Service including increased capacity, upgraded sleeper berths and lounge area and space for bicycles and surf boards. This is part of a package of projects supported by Government that will see the Traincare Centre for maintenance of the Sleeper Service relocated to Penzance.
Train Care: Growth Deal contribution: £5m
Scheme includes: Sleeper heavy maintenance relocated from Old Oak Common to Penzance. Maintenance, re-fuelling and interior cleaning of rolling stock. New employment and training opportunities and job safeguarding in Cornwall. Provide facility to maintain additional rolling stock required for half hourly mainline service.
Mainline Signalling: Growth Deal contribution: £3.2m
Scheme includes: Local investment in rail infrastructure to allow half hourly mainline service. Signalling improvement to coincide with Network Rail equipment upgrade. Shared development costs offering delivery and efficiency savings.
Increasing business engagement with schools: Growth Deal contribution: n/a
Government will work with the LEP to explore the feasibility of implementing a programme of Enterprise Advisers in line with Lord Young's recommendation in his review 'Enterprise for All', in addition to wider activities to link local businesses with schools.
Bus Network Improvements: Growth Deal contribution: £8m
Package of improvements to the bus network to facilitate the access to employment, skills and services required by a growing economy.
St Earth Multi Modal Hub: West Cornwall Transport Interchange: Growth Deal contribution: £3.2m
Creation of a new bus rail interchange including improvements to the A30 junction, Parkway Station and refurbished and improved passenger facilities.
Growth Deal 2
Cornwall Mainline: Growth for Business: Growth Deal contribution: £2.415m
Scheme includes: Sleeper lounges and changing facilities at Truro and Penzance stations and re-model of First Class Lounge at Paddington providing upgrading toilets and showers (supports Night Riviera project); Delivery of quality supporting infrastructure to improve end to end journey experience including resurface of Truro station car parking and canopy at Penzance station; Comprehensive installation of WiFi access on the trains and across all 42 Cornish stations.
Truro: Housing and Employment Link: Growth Deal contribution: £1.012m
Scheme includes: Seven new high quality single deck vehicles (Including RTPI and extended warranties) linking the two Park and Ride sites across the City; Additional capacity on the sustainable transport network supporting strategic housing and employment growth north of the western corridor; Completes the supporting infrastructure on the Western Corridor achieved through Growth Deal 1 investment; Complements significant third party investment into the first section of the Northern Access Road.
Bodmin: Callywith: Growth Deal contribution: £1m
Proposed Junction improvements: New roundabout junction at termination of A30. The scheme provides the following; Access to Callywith Gate development area. Speed reduction on Launceston Road. Upgraded walking/Cycling facilities linking residential and employment areas in North Bodmin.
Redruth: Strategic Employment Growth: Growth Deal contribution: £5.863m
Scheme includes:Improved permeability of A3047 between Tolgus Place and Blowinghouse roundabout including improved walking and cycling facilities and a new gateway junction improvement into Redruth. Directly unlocks housing and employment land linking with the high quality masterplanned site on the old brewery, linking with the Kresen Kernow archive and the Krowji arts centre; Walking and cycling improvements delivering direct and convenient walking and cycling routes, improved provision for walking and cycling and facilitating improved access between residential and employment sites; ‘Stop up’ of the existing A3047 at the junction with Barncoose Terrace diverting traffic onto the East – West Link Road, allowing improved public transport and walking and cycling facilities and moving heavy traffic onto the new link road.
Local Growth Fund Bid
This SEP heralds a huge opportunity to align our ambition and resources, to apply our innovative flair, to capitalise on our existing assets, and to indulge in our positive appetite for local delivery. In so doing national government will share in the benefits of a successful 'less developed' EU SIF programme, major growth dividends in key industrial technology strategy areas (space, aerospace, renewable energy, and the distinctive profile and reputation that a successful 'brand Cornwall' can bring to our global standing. We are a unique region with a strong brand and vast potential. The time has arrived to unleash this potential, celebrate our values and create our own destiny.