£28 Million Boost for Cornwall: Government Pledges Investment and Jobs

The South West is set to benefit from a major financial boost as the Government pushes ahead with plans to drive investment and support economic growth. The Chancellor has announced a £28 million investment in the region through the National Wealth Fund, a move aimed at strengthening industries linked to clean energy and green technology.

Cornwall at the Heart of Investment

The newly announced funding will be directed towards Cornish Metals, supporting the extraction of raw materials essential for solar panels, wind turbines, and electric vehicles. This investment is expected to create new jobs and boost economic activity in Cornwall and the wider South West.

Tackling Unemployment and Economic Inactivity

Alongside the investment pledge, the Chancellor highlighted ongoing reforms to the employment system. A new national jobs and careers service is being developed to help tackle economic inactivity, which currently affects over nine million people.

A record 2.8 million people are out of work due to long-term sickness, and the Chancellor has pledged £240 million across 16 “trailblazer” projects, including one within the West of England Combined Authority, to address the root causes of joblessness.

Reviewing Public Investment Strategy

The Treasury’s Green Book, which provides guidance on public investment decisions, is also under review. The aim is to ensure that investment is objective and transparent, particularly in regional areas, and the Chancellor is set to report on its progress at Phase 2 of the Spending Review.

More Growth Plans to Come

This announcement is part of the Government’s wider Growth Mission, focused on strategic infrastructure and investment across the UK. More regional funding announcements are expected throughout the year as plans for economic development, infrastructure, and industrial strategy take shape.