The Autumn Budget announced £30-million of new funding for Cornwall to invest in its critical minerals, renewable energy and marine innovation.

Cornwall’s vital role in the government’s new Critical Minerals Strategy, with its significant lithium deposits, will be supported with a new Kernow Industrial Growth Fund.

The £30-million will be allocated over 2026-27 and 2027-28 to Cornwall Council. It is expected that this it is to be a replacement for the impending end of Shared Prosperity Funding, which replaced funding lost upon the United Kingdom’s decision to leave the European Union (Brexit), although it is understood that it is not a direct pound-for-pound replacement.

The fund will be devolved to Cornwall Council which will be able to invest in growth-driving interventions to support the county’s high potential sectors such as local infrastructure, research and development and supply chain development, and will build clusters around sectors to attract private investment and create high-value supply chains.

Noah Law, MP for St Austell and Newquay and a former economist, said: “This government is driving millions of pounds into Cornwall to reinstate its role as a powerhouse of industry – by supporting growth in multi-billion-pound sectors with global growth potential, such as critical minerals.

“We’ll be striving to ensure the maximum spoils of those industries stays within Cornwall. “This is also about ‘righting the wrongs of the past’ - where the previous Government presided over years of unfair and inequitable treatment; treating Cornwall as little more than a ‘picture postcard’ destination. That ends now.”

Anna Gelderd MP for South East Cornwall has argued that this announcement shows that ‘Labour are serious about unlocking good jobs and prosperity for Cornwall’.

She added: “Cornwall has a leading role in our national renewal, and this announcement shows that our potential has been recognised by Westminster. This investment, alongside the fair funding review and the potential for future investment from the likes of the National Wealth Fund, British Business Bank and GB Energy, shows Labour are serious about unlocking good jobs and prosperity for Cornwall.”

Perran Moon MP for Camborne, Redruth and Hayle has said that the Treasury has ‘recognised the vast economic potential in Cornwall’.

He commented: “Since we arrived in Parliament, Cornwall’s four Labour MPs have made it our business to negotiate across departments to ensure we get a ‘Deal for Cornwall’. The Treasury has recognised the vast economic potential in Cornwall to create stable, secure jobs, driving growth across the Duchy and, as a result, has set up the Kernow Industrial Growth Fund. We’re grateful for the time the Chancellor has granted us to listen to our case and we’re look forward to continuing our discussions with other departments following the budget."

Jayne Kirkham MP for Truro and Falmouth said: “It’s fantastic to see devolved funding with local decision-making to support Cornwall’s growth plan. This is an investment-based approach, which will enable and stimulate investment in our economy, and help unlock the potential Cornwall possesses in our growth and core sectors."