Cornwall Council leaders say they are ’very disappointed’ with yesterday’s Government announcement that the county will receive £18m in investment over the next three years. 

Julian German, the council’s portfolio holder for economy and culture, said: ’Having encouraged Cornwall to put in an ambitious bid for funding, I am shocked that Government investment in Cornwall is so small.  

’Numerous businesses across Cornwall spent time and money putting in compelling bids for investment in products, services and infrastructure, many of them will now be left disappointed.’

He said the funding settlement is significantly less than the previous Growth Deal allocation given to Cornwall and falls far short of the investment required if Government is going to ensure that Cornwall does not lose out when European funding for the economy ceases as a result of the UK leaving the EU.

EU funding currently provides £60m per year to develop local projects such as superfast broadband and business support.

Cllr German continued: ’The current process forces Cornwall to compete for investment with more affluent places such as London, Birmingham, Bristol and the South East. It takes no account of our low earnings, poverty and rurality.

Cornwall Council will be reviewing its current list of economic development projects when more detail is known.