The Cornwall and the Isles of Scilly Economic Prosperity Board is scheduled to meet on Thursday, 29 January 2026. The meeting's agenda includes a review of the performance and commissioning of the Cornwall and Isles of Scilly Good Growth Shared Prosperity Fund (SPF) Programme. Additionally, the Board will consider funding decisions related to the SPF programme, with some discussions likely to take place in private.

Cornwall and Isles of Scilly Good Growth SPF Programme Performance and Commissioning Report

A significant portion of the meeting is dedicated to reviewing the performance of the Cornwall and Isles of Scilly (CIoS) Good Growth SPF Programme. This programme, which has a total value of £187 million, aims to support communities, local businesses, and people and skills development across Cornwall and the Isles of Scilly. The report will provide updates on Year 4 of the programme, which runs from April 2025 to March 2026, and will cover the allocation of £49 million from the SPF and the Rural England Prosperity Fund (REPF).

The report details the financial performance of the programme, with £47.96 million allocated and £18.19 million spent by the end of the second quarter of Year 4. It also outlines the geographical spread of funded projects and highlights the ongoing efforts of the Good Growth Team to support contracted projects.

A key focus of the discussion will be the proposed initiation of a new funding opportunity, GG003, for Clean Energy, Decarbonisation and Safer Communities. This initiative aims to invest up to £5 million in capital projects to decarbonise infrastructure, reduce operational costs, and improve community safety, aligning with Cornwall Council's commitment to tackling climate change and achieving Net Zero ambitions. The report notes that this funding is intended to ensure the full allocation of SPF is spent before the programme closes.

The report also touches upon the extension of the SPF programme by the UK Government to September 2026, with no additional funding provided. Future governance arrangements are also to be considered, with the potential for one further Board meeting after September 2026.

Furthermore, the meeting will receive updates on news and promotional activities undertaken to raise awareness of the SPF's benefits, including a targeted social media campaign and bus stop billboards. The success of these campaigns in reaching residents and showcasing local projects will be presented. The report also mentions the national recognition received by the Good Growth team, being shortlisted by the Institute of Economic Development for 'Most Innovative Project of the Year'.

The report will also cover the performance of delegated schemes within the Good Growth Programme, such as the Community Levelling Up Programme (CLUP), the Growth Hub, the Town Regeneration & Investment Programme (TRIP), the Community Capacity Fund, and the People Hub. It will also provide an update on the local programme evaluation and the national evaluation of the UK SPF, in which CIoS is a case study area.

Finally, the report will discuss the upcoming Kernow Industrial Growth Fund, a new £30 million fund for 2026-27 and 2027-28, though further details are awaited. The benefits of the SPF investment for local communities, businesses, and residents will be reiterated, emphasising its contribution to levelling up the economy and addressing economic challenges.

Cornwall and Isles of Scilly Shared Prosperity Fund Good Growth Programme Funding Decisions (Part 2)

Following the performance report, the Board will move to consider specific funding decisions related to the Cornwall and Isles of Scilly Shared Prosperity Fund Good Growth Programme. This item is designated as Part 2 and will be held in private, with the press and public excluded, due to the likely disclosure of exempt information relating to financial or business affairs.

The report indicates that the Board will consider recommendations for funding allocations, including the potential transfer of Shared Prosperity Funding (SPF) to support sector development activities for the visitor economy. It is also expected that the Board will review and potentially approve awards of SPF to specific projects, with delegated authority for contract negotiation and agreement. Discussions are also scheduled regarding the reallocation of unallocated SPF and programme management budgets to enable future Good Growth activity, including the potential for a new fund. Any remaining interest accrued by 31 March 2026 is also to be considered for Good Growth activities.

The report also includes recommendations to Cornwall Council's Cabinet regarding the consideration of SPF funds for programme closure and the continuing funding of Good Growth economic development activities as part of the Council's budget and Comprehensive Spending Review process.