Last week a very important announcement was made for people living in Mid-Cornwall. As promised, the Government has now revealed the details of a new Shared Prosperity Fund (SPF) which will replace the EU grant funding Cornwall previously received.
Cornwall and the Isles of Scilly will receive more than £130 million over the next three years, through the fund, which is fantastic news for the Duchy.
Many people have made no secret of their scepticism when the Government said
Cornwall would not lose out once Brexit was done. Yet again they have been
proved wrong by this Government who have fulfilled their commitment to match previous EU funding from the European Social Fund
and European Regional Development Fund. Cornwall has by far the largest
amount of SPF funding per head of anywhere in England thanks to this
Government.
This fund will significantly benefit those
communities who truly need it. As I have always maintained, SPF will be
better targeted to directly tackle issues affecting communities unlike EU
funding which was often wasted or poorly targeted. Cornwall will now have much
more say over how this funding is spent based on our own priorities, from supporting local businesses
and employment opportunities to reviving high streets and reducing anti-social
behaviour. This was not previously possible while we were restricted by the red
tape of Brussels. We now have more flexibility to boost local businesses, invest in local people and
level up the Duchy. I have always said
that we should be measuring the output, not the input, and I am certain that we
will be able to achieve more with this funding than we ever did with the EU’s rigid and bureaucratic structural funds.
Crucially, this funding will be easier to
administer and will be managed by people who know Cornwall best, and what it
needs. These funds will help us to make the most of the new
opportunities within Cornwall such as the space sector, lithium extraction and
renewable energy production as well as providing the education and training
local people will need to make the most of these opportunities. I now look
forward to seeing real economic growth and job creation in Cornwall.
It is clear that this Government is resolved to fulfilling its commitment to at
least match the average spending of EU structural funds over the previous
programme. Funding for the SPF will be £2.6 billion between 2022 and 2025, with
this figure reaching £1.5 billion per year by March 2025.
This is also in addition to other levelling up funding, including the £4.8
billion Levelling Up Fund and £150 million Community Ownership Fund. On top of
this, the Government is also making available an additional £3.7 billion to
councils this year.
I am also pleased that Cornwall will benefit from the upcoming devolution deal which
means we will have more autonomy from central government. This is something I
have consistently asked ministers to support and proves that Cornwall continues to be at the
heart of the Government’s levelling up agenda. What is clear is that this Government is committed to ensuring that no
community in Cornwall is left behind. I look forward to seeing this fund
develop so that Cornwall can finally take charge of its own future and realise
its full potential.
As always, if I can be of any further assistance, my office is available
for any constituents needing help, advice or guidance – tel. 01726 829379,
email – office@stevedouble.org.uk
