MPs have said it’s “fantastic news for Cornwall” that emerging sectors, as well as established industries, have been championed in the UK’s new industrial strategy, which is aimed at boosting local businesses, and enhancing skills and support.

Government has unveiled a10-Year Plan for National Renewal, which will double business investment in growth sectors to £240 billion n a year by 2035. It is designed to promote business investment and growth and make it quicker, easier and cheaper to do business in the UK, giving businesses the confidence to invest and create 1.1 million good, well-paid jobs in thriving industries.

Noah Law, MP for St Austell and Newquay, who co-chairs the critical minerals APPG with neighbouring Cornish MP Perran Moon, says the plan aligns perfectly with work he has been supporting to develop a Cornish industrial strategy, which recognises and champions unique place-related aspects.

Mr Law said: “I’ve been working on a dedicated Industrial Strategy for Cornwall since I arrived in Parliament, so I am thrilled to see Government identify Cornish critical minerals as a key cluster within its national plan.

“I look forward to finalising the critical minerals strategy later in the summer- alongside further developments within floating offshore wind – another high-growth industry here in Cornwall.”

Mr Law recently welcomed Sarah Jones, the Minister of State for Industry, to a roundtable hosted by Imerys, which focused on discussing ways to grow the local critical minerals industry and ensuring the Critical Minerals Strategy can be localised to harness a competitive advantage to drive forward the green industries of the future.

Jayne Kirkham, MP for Truro and Falmouth, added: "I was pleased that Cornwall has been recognised as a vital cluster for critical minerals and that the U.K. strategy is imminent. I was also pleased that Cornwall was named as a centre for floating offshore wind. Our Growth Strategy in Cornwall closely aligns with the Government’s U.K. wide strategy."

At a national level, the Industrial Strategy is designed to unlock billions in business finance, including for SMEs through the British Business Bank and National Wealth Fund. Reform the skills system to prioritise digital, engineering, and defence skills.

Invest over £20billion in R&D for growth sectors. Cut regulation costs by 25 per cent and streamlining planning for major projects.

Slash energy prices by 25 per cent for manufacturers in critical minerals. The strategy includes a focus on eight high-growth sectors – one of which is critical minerals; highlighting the expertise and potential for growth in Cornwall.

It also includes delivery of targeted, catalytic funding to support supply chains, in the creation of jobs, innovation and growth including through a new £1 billion Clean Energy Supply Chain Fund under Great British Energy, with £300 million to invest in offshore wind supply chains like those emerging in Cornwall and out of the Port of Falmouth.

Energy costs will be slashed by 25 per cent for eligible manufacturers as part of the announcement, which will bring prices in line with Europe and accelerating grid connections through the new Energy Price Relief Scheme.

Mr Law added: “I was elected on a pledge to create Jobs and Prosperity and I have championed the critical minerals industry since day one. I will continue to push hard for the potential spoils of the industry to be shared for the benefit of local communities.

“The Strategy builds on the Spending Review and Infrastructure Plan, targeting support where it’s needed most and making it easier for all businesses to thrive. It aims to double business investment in growth sectors to £240 billion annually by 2035.”

Business and Trade Secretary Jonathan Reynolds added: “This Strategy will ensure the UK is the best place to invest and do business, delivering growth that puts more money in people’s pockets and pays for our NHS, schools and military.”