Cornwall and Isles of Scilly have been allocated £184.3 million for local investment until March 2026. This is through the UK Shared Prosperity Fund and Rural Prosperity Fund. The Shared Prosperity Fund is a new approach to investment designed to empower local communities and boost economic growth.
Find out about the UK Shared Prosperity FundWe're using this funding to achieve Good Growth for Cornwall and the Isles of Scilly. We're doing this by creating opportunities for communities and businesses, and providing access to new jobs and training for residents.
Investment Priorities
The Shared Prosperity Fund focusses on three broad investments priorities. This is what it means for Cornwall and the Isles of Scilly:
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Community and Place: Urban or rural. Towns, villages or islands. Our communities and places matter. To us, Good Growth means moving towards a net zero economy where jobs pay at least the Real Living Wage and strong communities allow everyone to start well, live well and age well.
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Support for Local Business: To help unlock economic prosperity in every sector our Good Growth model will improve local opportunities by investing in infrastructure, industry and training. We’re supporting a diverse range of businesses, from start ups to established businesses and everything in between.
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People and Skills: To bring our Good Growth ambitions to life we're investing in our skills system to meet the challenges and opportunities that have emerged through industry automation, changing workplace practices and an ageing workforce. Not only will this improve productivity and grow the economy, it will give people the career and salary progression opportunities they should be able to access.
Within these priorities sit a range of locally-specific funding opportunities and activities.
Year 4 SPF
The UK Government announced on 13th December 2024 that Cornwall and Isles of Scilly will receive a Shared Prosperity Fund allocation of £47.3 million for the financial year 2025/26.
While this represents a 40% reduction on our year 3 allocation, it allows us to continue to support regional growth and development, ensuring that Cornwall and the Isles of Scilly thrive economically. The UK Government also confirmed that Year 4 SPF is a transitional year ahead of wider reforms to local growth funding.
Details about Year 4 funding opportunities
Over 200 organisations have already benefitted from Shared Prosperity Fund investment. The Good Growth website contains details of all the organisations and the projects they are delivering. It also has the latest news from the programme.
Information about current and future funding opportunities are also listed.
Find out more on the Good Growth website
