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23Feb

£18 million cash boost for Cornwall and Isles of Scilly to help create local jobs and growth

Cornwall and the Isles of Scilly are set to benefit from a multi-million pound Government cash boost to help create jobs, support businesses and encourage growth, Sajid Javid announced today.

The Communities Secretary confirmed the allocation of £18 million to the Cornwall and Isles of Scilly Local Enterprise Partnership. This is expected to help the area attract private investment of up to £52 million – taking the total package to nearer £70 million.

This latest award of Local Growth Funding is on top of the £60.2 million of Growth Deals funding already awarded to Cornwall and the Isles of Scilly Local Enterprise Partnership.  This will see jobs created, homes built and extra investment.

It also follows £8 million Coastal Community funding for 10 regeneration projects across the area.

Communities Secretary Sajid Javid said:

“This Government backed Cornwall with major powers and resources in the first devolution deal for a county.

“Today we’re pledging millions of pounds of extra funding for business projects across the county and the Isles of Scilly, so local leaders can create jobs, improve infrastructure, and help the Cornish economy reach its full potential.” 

Cornwall and Isles of Scilly Local Enterprise Partnership chairman Mark Duddridge said:

“We were proud of our ambitious bid for local growth funds and while we welcome this investment, which takes our total growth deal value so far to more than £78 million, we will continue to strive for additional funds to accelerate economic growth in Cornwall and the Isles of Scilly and close our wages and productivity gap with the UK and overseas.

“We look forward to working closely with Government to develop these further investment opportunities.”

Creating an economy that works for everyone

Alongside historic devolution deals – one of which has already seen Cornwall and Isles of Scilly benefit from a range of new powers – the £12 billion Local Growth Fund equips local leaders with the cash they need to invest in and support locally determined projects. 

Under the fund, England’s 38 Local Enterprise Partnerships – made up of council leaders and business representatives – bid for investments based on local priorities.

Bids are highly competitive and Local Enterprise Partnerships need to work with partners to agree strong and accountable governance and put forward proposals that boost growth and bring in private sector funding.

Over £9 billion of the Local Growth Fund has now been awarded to Local Enterprise Partnerships through three rounds of Growth Deals, helping more than 1,000 projects get started across England already – this is supporting vital infrastructure, improving skills and creating thousands of jobs. Together with money for unlocking housing sites to support home building and investment in very large transport schemes – both announced in 2016 – we have fulfilled our commitment to a £12 billion Local Growth Fund.

In Cornwall and Isles of Scilly this is already delivering the following:

  • Truro Park & Ride: £1 million investment in seven new low floor buses in Truro to provide additional capacity for the city’s successful Park & Ride Scheme;
  • A38 Cornwall Gateway: £3.5 million investment in Carkeel Junction that will deliver benefits to Cornwall’s connectivity with the UK and accelerate new employment and housing development in Saltash; and
  • Train Care Centre, Penzance: £5 million growth deal investment in £15.9 million project to help improve Cornwall’s rail service creating 60 new jobs and safeguarding a further 65.

Now this latest award will help do even more to benefit the lives of local people across the area. New programmes include:

  • Investment in science and innovation which will provide specific support for space, aerospace and marine renewable energy activity through the Local Enterprise Partnership’s Enterprise Zones. This is expected to lever in £20 million of additional investment, creating 400 jobs and 4,000 sq m of additional workspace;
  • A culture, heritage and innovation for productivity programme, including investment in the creative sector – one of the fastest growing in the economy. This is expected to lever in £12 million of additional investment, creating 110 jobs and 446 sq m of additional workspace; and
  • The Local Enterprise Partnership’s workspace programme, which will provide investment in space for local businesses, targeting innovative approaches to town centre-based workspace. This is expected to lever in £20 million of additional investment, creating 250 jobs and 2,500 sq m of workspace.

 

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Cornwall and Isles of Scilly Local Enterprise Partnership, PO Box 723, Pydar House, Pydar Street, Truro, TR1 1XU

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