Shared Prosperity Fund (SPF)
As part of the UK Government’s Shared Prosperity Fund (SPF) to deliver an innovative investment programme to boost sustainable growth locally, Cornwall and the Isles of Scilly (CIoS) were awarded £184 million. SPF invests in three priorities:
- Community and place
- Support for local businesses
- People and skills.
The Critical Minerals Equipment Hub is being provided to Cornwall and the Isles of Scilly through SPF.
SPF investment in Cornwall and the Isles of Scilly is captured as part of the ‘Good Growth’ programme, which encompasses and highlights the projects funded in the area.
Good Growth Programme Summary
By investing in the high-value and high-growth sectors outlined in the Good Growth Investment Plan, the SPF is being used to create growth with local significance and national importance. Central to each of the Good Growth investments are skills and training programs – to strengthen local talent, boost business productivity, and secure a sustainable legacy.
The Shared Prosperity Fund delivers against these objectives:
- Boosting productivity, pay, jobs, and living standards by growing the private sector
- Spreading opportunities and improving public services
- Restoring a sense of community, local pride, and belonging
- Empowering local leaders and communities
Business innovation, vibrant creativity, outstanding environment, and career opportunities are spread across Cornwall and the Isles of Scilly but equality of opportunity to access them is not. The Shared Prosperity Fund offers the opportunity to change that, to give everyone in Cornwall and the Isles of Scilly the chance to prosper.
Cornwall Council are delivering this through Good Growth by:
- Nurturing local businesses and organisations characterised by their growing social and environmental responsibility
- Facilitating expansion and increased investment in green economy and high-potential sectors
- Empowering vibrant communities and a better way of life by creating skills and employment opportunities that will enable everyone to live longer, healthier lives and earn real living wages in careers of their choice
As leaders of the UK’s green industrial revolution, Cornwall and the Isles of Scilly are rich in natural and human capital thanks to our unique renewable energy resources, mineral deposits, and space and data capabilities. The ambition is to make CIoS carbon-neutral by 2030 and be a region that delivers opportunities for its communities and businesses, despite Cornwall’s location and the remoteness of the Isles of Scilly which still pose challenges that can impact quality of life as well as skills, development, and career progression.
