Cornwall Council has welcomed the allocation of £47.3 million from the UK Government’s Shared Prosperity Fund (SPF) for the next financial year.
This funding will be used to continue the authority’s work supporting regional growth and development, ensuring that Cornwall and the Isles of Scilly continue to thrive economically. It builds on the existing three-year SPF allocation of £137 million, which is due to end in March.
Cllr Louis Gardner, Cornwall Council’s Portfolio Holder for the Economy, said: “We welcome Government recognition of the value of regional investment in extending the Shared Prosperity Fund for a further year.
“This means we can continue to support projects through the Cornwall and Isles of Scilly Good Growth Programme to increase business productivity, create high-quality jobs, and invest in sustainable development.”
The Council will now continue to lobby Westminster for longer-term funding agreements to ensure the sustained success of the region.
Cllr Gardner said: “In the longer term, we hope to secure a multi-year agreement with Government to fully deliver our new Good Growth plan, enabling Cornwall to make a substantial contribution to national goals like clean energy, critical minerals supply, and food security, while improving wages, productivity, and wellbeing across our communities.
“When you break down the figures for the past four years, there has been a 40% reduction in funding from year three to year four, so I would hope to see that trend reversed moving forwards.”
The year 4 SPF allocation will be used to further the goals of the Cornwall and Isles of Scilly Good Growth Programme, which focuses on three investment priorities: supporting local business, communities and place, and people and skills.
Details of funding opportunities for businesses and community organisations in year 4 will be announced in due course.
