Is Cornwall Being Left Behind? What the Spring Statement Means for Business in the Duchy

No Short-Term Fixes for Cornwall’s Economy

John Brown, CEO of Cornwall Chamber of Commerce, has responded to the Spring Statement with cautious acknowledgement and a heavy dose of frustration, highlighting a lack of near-term relief for the Duchy’s key industries.

“There’s no business leader raising a toast to their portrait of Rachel Reeves,” John said, summing up the mood of many.

While the statement didn’t introduce new demands on businesses—a small comfort in itself—John made clear that this was far from a win for Cornwall’s economy.

Infrastructure Promises Welcome, But Speed Is Key

A key announcement was an increase of £2bn per year in capital spending, which John acknowledged as good news, especially for Cornwall. But he warned: “We need these improvements to be invested in and developed fast.”

He added that while planning reform might help speed things up, Cornwall needs the job done now—not years down the line.

Defence Investment Could Open Doors for Cornwall

John pointed to the £400m earmarked for defence innovation and the commitment that small and medium-sized enterprises (SMEs) can access contracts as a potential opportunity for Cornwall.

“We have extraordinarily advanced manufacturing, technology, digital and space businesses here,” he said, highlighting the Duchy’s existing strengths in these areas.

A further £2bn in export finance support for defence exports was also noted as a potential win—but John made it clear that it’s up to Cornwall to ensure Westminster hears and understands what the region can offer.

Construction Training a Possible Boost

There were “positive signals” around construction, particularly the support for more training in the sector. John believes this could also benefit Cornwall, “provided it has the support.”

But, as with the other announcements, the lack of detail or immediate action left many questions unanswered.

Where’s the Vision?

The overriding message from John was one of missed opportunity. “No exciting near term opportunity or policy for us to sink our teeth into,” he said, pointing to ongoing struggles in agriculture, hospitality, the services industry, care, and more.

“This is a Chancellor with a 158 majority behind them… so where is the vision?” he asked, calling the statement little more than “an excel spreadsheet and a shrink in the economy.”

John warned that without bold direction, the government risks wasting a rare chance for meaningful growth—leaving Cornwall and its business leaders facing “many more restless nights.”

📷John Brown, CEO of Cornwall Chamber of Commerce