The Cornwall Growth Board met on Thursday 8 October 2026 to discuss and approve key policies and funding allocations for the Kernow Industrial Growth Fund (KIGF). The Board approved the Project Change, Remediation and Clawback Policy and updated Good Growth Principles, which will be applied to all future economic development funding administered by Cornwall Council. Significant funding decisions were also made regarding the KIGF, including the approval of recommendations for the Cornwall Catalyst Fund and Asset and Growth Partnerships Fund, and the commissioning of an enabling activity plan.

Kernow Industrial Growth Fund

The Cornwall Growth Board approved key policies and funding decisions related to the Kernow Industrial Growth Fund (KIGF). This £30 million fund, announced by the UK Government in November 2025, aims to support investment in Cornwall's distinctive sectors: critical minerals, renewable energy, space, and marine innovation.

The Board approved the Project Change, Remediation and Clawback Policy, which establishes a framework for managing project changes, addressing performance issues, and protecting public funds throughout project delivery. This policy aims to ensure timely decisions and effective project management.

Additionally, the updated Good Growth Principles were approved and will be a mandatory requirement for all funding applications submitted for the KIGF, the Cornwall Evergreen Regeneration Fund, the Enterprise Zone Growth Fund, and any future economic development funding administered by Cornwall Council. These principles, which have been refined based on learning from the UK Shared Prosperity Fund¹, focus on delivering clean and inclusive economic prosperity, ensuring quality jobs, community access to opportunities, and environmental benefits.

In a confidential session, the Board made decisions regarding the allocation of funds within the KIGF. For the Cornwall Catalyst Fund and Asset and Growth Partnerships Fund, recommendations were approved, delegating authority to the Service Director for Economy, Regeneration and Assets to negotiate contract conditions and enter into funding agreements. This included moving project KIGF039 from the reserves list to approved, subject to further work. Furthermore, an Enabling Activity and Commissioning Plan for the £3 million revenue budget allocation of the KIGF was approved, also delegating authority for commissioning activities and entering into agreements.

The report highlighted that the KIGF has generated significant interest, with 59 Expressions of Interest received, representing nearly £370 million in project proposals and approximately £75 million in requested KIGF support. The fund is designed to leverage substantial private sector investment, aiming for a leverage ratio of approximately £2.3 of private investment for every £1 of public funding.