PROJECTS in North and South East Cornwall will be prioritised, says Cornwall Council, as it approves a spending plan for the £132m in Shared Prosperity Fund (SPF) money set to come the county’s way.

The three-year investment strategy for Cornwall will see cash injections made to benefit businesses, communities and skills as well as tackling inequalities in deprived areas.

The Council says that a key focus will be speeding up growth in high value and high wage sectors like rebewable energy, technology, metals, and the digital and creative industries.

It’s been widely commented upon that Cornwall will receive less than half the equivalent in UK SPF than it did from EU funding. The Government says that the Shared Prosperity Fund is not intended to be a direct replacement for EU funding, but “will support the UK government’s wider commitment to level up all parts of the UK. It is a £2.6 billion fund designed to succeed and improve upon EU structural funds”.

Councillor Louis Gardner, Cornwall’s portfolio holder for economy, said: “I’m determined that we now push on with getting investment to where it is needed most.

“The first projects we will fund will enable communities to shape future investments in their towns and villages. We will be funding community projects including capital funding, town centre and high street investments, rural and coastal rejuvenation and skills and inclusion projects. We will also be setting up capacity and support for communities to help develop their ideas and apply for the funds.

“In the first months of the programme we will be prioritising developing project ideas for communities in north and south east Cornwall to ensure levelling up across the region. Our project teams will be bringing forward programmes to create jobs and skills improvements in the future.”

Councillor Barbara Ellenbroek, Cornwall’s portfolio holder for children and families, said: “We need to ensure that especially young people get the support they need to make the most of exciting opportunities in emerging sectors such as renewable energy, nature recovery and the creative industries, improving both core skills and higher-level skills at college and university.

“We will also be launching opportunities for organisations and businesses across Cornwall to apply for funding for workspace, cultural events, community hubs and digital inclusion, all of which will have skills development and furthering opportunities for local residents at the heart of their delivery.”

The SPF Investment Plan has been widely supported by the private sector. Mark Duddridge, Chair of the Cornwall and Isles of Scilly LEP said that the £132m investment would help accelerate and make real many of the projects Cornwall showcased to the world during the G7 summit last summer - and could attract further investment from the private sector.

All opportunities for funding will be made available on the council’s new SPF portal ciosgoodgrowth.com.

Cornwall Council will also be recruiting staff to manage the programme and support communities and applicants in accessing funding.