Cornwall and the Isles of Scilly Economic Prosperity Board - 16 October 2025

The Chairman opened the meeting by celebrating the opening of the Truro Lifehouse project at All Saints in Highertown, highlighting the £615 000 Good Growth investment that created a community‑focused space. He also announced that Cornwall Council’s Good Growth team had been shortlisted by the Institute of Economic Development for the “Most Innovative Project of the Year” award, recognising the team’s work embedding inclusivity and sustainability into Shared Prosperity Fund (SPF) projects across Cornwall and the Isles of Scilly. The Chairman reported that forty‑six projects were contracted and delivering under Year 4 of the SPF (April 2025 – March 2026) and that £6.8 million – 99.6 % of the forecast spend for the first quarter – had already been paid out.

The Good Growth Delivery Facilitation Lead presented the Year 4 programme update. Of the £49 million total value, £47.3 million came from the SPF and £1.67 million from the DEFRA Rural Prosperity Fund. Funding was directed toward core services such as the Growth Hub (single‑front‑door business support), the People Hub (employment and training), the Community Capacity Fund and the Community Levelling Up Programme, all of which support grassroots projects. The programme has helped more than 8 000 organisations, created or safeguarded roughly 2 400 jobs, secured over £85 million of additional investment and delivered training or new skills to more than 31 000 people.

During the discussion the Board noted the performance report and resolved to request any additional data for inclusion in the next quarterly report. The Initiation Form (BUS009) for economic activities was approved. A confidentiality resolution was passed to exclude the press and public from a portion of the meeting that involved exempt information about individuals’ financial or business affairs. The Chairman also referenced Wales’s £540 million Economic Growth Fund, using it to underline Cornwall’s capacity to meet national growth criteria and to reinforce the Board’s lobbying position for continued funding.

The Board approved several specific funding motions. First, up to £209 024 of SPF money was to be transferred from project BUS008_0026 to project GG002_0036 to support visitor‑economy sector development, with final authority delegated to the Service Director for Economy, Regeneration and Assets Service. Second, £200 000 of SPF funding was awarded to project BUS008_0095, with delegated authority to the same Service Director, in consultation with the Section 151 Officer, to negotiate contract terms. Third, the “Yr.4 unallocated Shared Prosperity Fund” and the “Programme Management Budget” were to be swapped with Cornwall Council expenditure for 2025/26 to fund future Good Growth activity and the programme’s closure, with the exact allocation to be decided in the Council’s Budget and Comprehensive Spending Review. Finally, any remaining interest held as of 31 March 2026 was to be considered for Good Growth activities as part of that same review process.

The meeting concluded with a recommendation to the Council’s Cabinet that the SPF funds transferred to the Place and Green Reserve be used for the closure of the SPF programme and to continue funding Good Growth economic‑development activities. This recommendation will be taken forward as part of the Council’s overall budget and comprehensive spending review.