Cornwall Growth Board - 8 October 2026

At its meeting, the Cornwall Growth Board considered updates and made several binding decisions regarding the delivery of the Kernow Industrial Growth Fund (KIGF), following its announcement by the UK Government in November 2025. The Board formally noted the progress report on distinctive sector development enabled through the fund’s design, implementation, and delivery. It then approved two key accompanying policies: the Project Change, Remediation and Clawback Policy (set out in Appendix 1), and updated Good Growth Principles (set out in Appendix 2). These principles will apply to all funding applications for the KIGF, the Cornwall Evergreen Regeneration Fund, the Enterprise Zone Growth Fund, and any future economic development funding administered by Cornwall Council.

The Board also resolved on specific funding allocations and delegation of authority. For “Review Point 1,” which covers the £27 million Cornwall Catalyst Fund and the Asset & Growth Partnerships Fund, the Board approved the recommendations contained in the exempt report and associated appendix. It delegated authority to the Service Director for Economy, Regeneration and Assets to negotiate contract conditions and enter into funding agreements, including the determination of final funding amounts within the maximum agreed by the Board. As a specific addition, KIGF039 was moved from the reserves list to approved, subject to further work from the Strategic Fund Manager.

Separately, the Board approved the Enabling Activity and Commissioning Plan (Appendix 3) for the delivery of the £3 million KIGF revenue budget allocation. Authority was delegated to the same Service Director to commission activity and enter into funding or contractual agreements on appropriate terms. In both decisions, the reasons given were as contained within the respective reports, and no alternative options were considered beyond those presented. No conflicts of interest were declared, and no dispensations were granted.

Overall, these decisions formalise the governance framework for Cornwall’s new industrial growth fund, establish clawback and change management procedures, and ensure that Good Growth Principles are embedded across multiple existing and future funds. The Board also authorised officers to proceed with specific grant agreements and commissioning plans, enabling the practical delivery of the KIGF programme. No debate or dissent was recorded in the minutes.