BUDGET 2025: Cornwall to receive £30m ‘Kernow Industrial Growth Fund’

Newquay MP Noah Law says a new £30m investment fund for Cornwall, announced in the Autumn Budget, will offer a more “mature” approach to local economic development than the outgoing Shared Prosperity Fund.

The Kernow Industrial Growth Fund will see £30 million allocated to Cornwall Council over 2026–27 and 2027–28, with the authority responsible for directing the money towards projects that support high-potential sectors. Mr Law and his fellow Labour MPs in Cornwall say the fund is intended to back industries including critical minerals, renewable energy, marine innovation and wider research and development.

Money will support local infrastructure, supply chain development and the creation of clusters aimed at attracting private investment.

Mr Law said the fund would help “reinstate [Cornwall’s] role as a powerhouse of industry” and support growth in “multi-billion-pound sectors with global growth potential”. He said the new approach aimed to “right the wrongs of the past”, arguing Cornwall had previously been treated “as little more than a ‘picture postcard’ destination”.

You can hear Noah Law speaking to Radio Newquay about the fund - addressing concerns over rising taxes and the impact of minimum wage changes on small businesses in the town - PRESS PLAY below...