Monday, 7 July 2014

Multi million pound investment for Cornish economy announced

The Government has today announced a £48.9 million 'Growth Deal' investment for Cornwall and the Isles of Scilly.

The Growth Deal aims to create a thriving and vibrant local economy across Cornwall and Isles of Scilly by investing in the infrastructure, public transport, skills in the labour market, and business support needed to encourage economic growth.

The deal will help to create up to 4,000 jobs, allow up to 6,000 homes to be built and generate up to £150 million in public and private investment. £11million has been confirmed in the first year, with a further £38million of funding planned from 2016/17 onwards.

Decisions about how the money is spent will be decided locally and allocated through the Cornwall and Isles of Scilly Local Enterprise Partnership.

Lib Dem MP for North Cornwall, Dan Rogerson, said:
"This multi million pound growth deal is fantastic news for Cornwall and will help to sustain and create jobs, support small and medium sized businesses, attract new companies and investment to our area and improve public transport.

"Crucially, instead of money being spent by governments in London or by a distant and unresponsive 'South West' regional assembly, Liberal Democrats in Government have made sure that Cornwall's Local Enterprise Partnership now has the power and the funding to be able to decide how best to build a stronger Cornish economy."
Liberal Democrat Leader and Deputy Prime Minister Nick Clegg said:
"The Cornwall and Isles of Scilly Growth Deal will create thousands of jobs, build thousands of new homes and improve transport links across the Duchy for people and their families; building a stronger economy and a fairer society.

"We're placing the power and money in the hands of people in the region who know how to spend it best, making a real difference to local communities."
Cornish Liberal Democrat MPs Andrew George, Stephen Gilbert and Dan Rogerson have been working with Lib Dems in Government including Business Secretary Vince Cable, Deputy Prime Minister Nick Clegg and Chief Secretary to the Treasury Danny Alexander to make sure that European Union funding awarded to Cornwall could be allocated and spent locally rather than by the government in Westminster and Whitehall.

The Growth Deal will see the Cornwall and Isles of Scilly LEP combine both EU and national investments to deliver projects that boost the Cornish economy. LEP chairman Chris Pomfret said:
"This is a great deal for Cornwall and the Isles of Scilly.

"Not only have we secured new money to help us remove blockages to growth, but we have negotiated the freedom to make our own decisions.

"In effect we will have a single investment programme that bundles together EU and national funding from different sources, all channelled through the LEP to deliver jobs and growth in Cornwall and the Isles of Scilly. That's a real breakthrough."

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