Cornwall and the Isles of Scilly Economic Prosperity Board - 24 July 2025

The Board opened with a report on the Shared Prosperity Fund (SPF) for Cornwall and the Isles of Scilly. The first three years (2022‑2025) saw £137 million invested in 143 Good Growth projects, and a further £49 million has been allocated for Year 4 (1 April 2025‑31 March 2026). To date, 46 projects have been commissioned against the Year 4 allocation, with the first claims due by 31 July 2025. Funding has been directed toward strategic business investment, capital upgrades to facilities and workspaces, innovation, manufacturing, and continuation of business‑and‑skills support, including targeted youth‑engagement programmes for NEETs. Grants have been awarded across the distinctive sectors of minerals, renewables, marine and space, as well as the core sectors of the Visitor Economy, Agri‑Food, Creative and Cultural. The Chairman also announced that Cornwall Council, jointly with Truro Foodbank, received the 2025 Living Wage Champion Award for ensuring that all SPF‑funded organisations become Real Living Wage employers by project completion.

The Chairman highlighted the region’s ongoing structural economic challenges. Cornwall and the Isles of Scilly remain among the poorest UK regions, with Gross Value Added per hour at 81.6 % of the UK average, a gap that underpins lower living standards. Recent national funding announcements did not reference the region, prompting the Council to continue lobbying for a proportionate share of future resources. A letter from the Chairman to the Government was cited as the start of this effort, and the Board resolved that the minutes of the 27 February 2025 Economic Prosperity Board meeting be formally recorded and signed.

During the open discussion, members raised several operational points. It was suggested that members visit the People Hub to better understand its work. The original Government‑issued list of outputs and outcomes had been trimmed, requiring some project targets to be re‑defined. Clarification was provided that green and blue‑space improvements, though falling short of the SPF target, were largely funded through the Rural Prosperity Fund (RPF) and thus exceeded the SPF target. An error in the outcomes table regarding neighbourhood crime was corrected (the indicator should have been shown in green). The Board were that perception data were collected via pre‑ and post‑project surveys of users and local communities. The Construction Skills Hub, jointly commissioned with Truro and Penwith and Cornwall Colleges, was reported to be operating at full capacity, supporting 300 learners, 66 work‑experience placements and 50 sustainable‑employment outcomes. RPF funding totals were confirmed at £5.5 million for Years 1‑3 and an additional £1.6 million for Year 4, the latter being applied to existing projects.

The confidential segment of the meeting dealt with the allocation of the remaining SPF budget. The Board rejected the Project Change Request for additional funding to project BUS008_0031 and withdrew funding for project BUS008_0090. It adopted Option 5 as the priority pathway for unallocated funds, keeping Options 1, 2 and 4 available if needed while not supporting Option 3. The Shared Prosperity Fund Reserve List was approved for review, with non‑retained projects to be removed. Delegated authority was granted to the Head of Service for Economy—consulting with the Portfolio Holder for Economic Regeneration and Investment, and with the Section 151 Officer—to allocate reserve‑list funding and to negotiate contract terms for approved applications. All motions were moved and seconded by the indicated councillors and passed unanimously.