By Marino Donati | 9 October 2014
Cornwall and the Isles of Scilly will get almost £200m to boost growth after a funding agreement was reached between government and business leaders.
The pact secures £48.9m of government funding, as well as a further £150m investment from local partners and the private sector, and is intended to help create up to 4,000 jobs, allow up to 6,000 homes to be built and generate up to £150m in further investment.
Projects in the deal include improvements to the Night Riviera Sleeper Rail Service, and to walking and cycling networks in Bodmin. It will also fund improvements to Carkeel Junction on the A38 to speed up housing development in Saltash.
Cities minister Greg Clark signed the latest local growth deal – which in total is worth £198.9m – with councils and business leaders on Wednesday.
He said it was important that local areas had the power to develop local infrastructure to take advantage of a recovering economy.
‘Cornwall and the Isles of Scilly are at the very edge of Britain but are by no means marginalized,’ he said. ‘Eighty-five per cent of residents and businesses can now get fibre broadband, and with new industries, a dynamic university and a fantastic natural environment, the area has all the ingredients for a flourishing economy.’
Clark said the deal would boost key industries in the area such as marine renewable energy sector, and would bring improvements to rail, cycling and road networks.
Chris Pomfret, chairman of the Cornwall and Isles of Scilly Local Enterprise Partnership, added: ‘Our deal is the first tranche of investment vital to delivering our Strategic Economic Plan, a plan that could see around £1bn of public and private sector monies invested in our economy between now and 2020.’
John Pollard, leader of Cornwall Council, said the deal meant the council could bring forward projects including significant road and rail infrastructure improvements.
‘As a result of the growth deal we will also be working with government on a number of freedoms and flexibilities for key sectors such marine renewables,’ he said. ‘This will support these emerging sectors and act as springboard for our future devolution aspirations.’
