The Cornwall Growth Board met on Tuesday 23 June 2026 to discuss the future economic funding landscape and prioritise investment opportunities. Key decisions included approving a pipeline of investable propositions, agreeing on the process for the Cornwall Evergreen Regeneration Fund, and endorsing an updated Enterprise Zone Investment Policy.

Cornwall Evergreen Regeneration Fund and Future Funding Landscape

The Board discussed the significant changes in Cornwall's economic funding, with a move away from grant funding towards investment-based mechanisms. The Cornwall Evergreen Regeneration Fund is being developed as a sustainable, repayable investment fund aimed at supporting projects that would otherwise not proceed. The focus will be on town and village centres, revitalising underutilised buildings to generate long-term repayments and boost business rates and council tax revenues.

The meeting also addressed the prioritisation of investment opportunities through the Cornwall Good Growth Plan. The Cornwall and Isles of Scilly Economic Forum has developed a pipeline of nine investable propositions, which were approved by the Board as Cornwall's short-to-medium term economic investment priorities. These propositions are designed to align with the UK Industrial Strategy and support engagement with government and investors.

During the discussion, concerns were raised about securing a Public Service Obligation (PSO) air service between Cornwall Airport Newquay and London, as recent procurement exercises had not yielded a viable service. The Board acknowledged that a PSO was not achievable this year and resolved to support efforts to secure regular commercial connections to London that meet business needs. Members also sought clarification on the prioritisation of the nine investable propositions, with officers confirming they represent a prioritised pipeline but are not ranked in order of importance. The potential for port infrastructure upgrades to accommodate larger cruise ships was also discussed, with the understanding that while cruise opportunities could be a future benefit, the primary justification for investment lies in strategic sectors like energy, offshore renewables, and defence.

The Board also considered how young people would be connected to future employment opportunities arising from these investment priorities. Officers confirmed that the Workforce and Skills Board, the Local Skills Improvement Plan, and devolved adult skills funding arrangements are in place to ensure skills provision aligns with future economic opportunities and workforce needs. Members suggested that future reporting should include measurable outcomes related to skills and employment, such as apprenticeships and work experience, which officers agreed to incorporate. The Board also discussed the governance arrangements for the Local Skills Improvement Plan to ensure members could access and consider this work.

The meeting concluded with the following resolutions:

• The approval of the prioritised pipeline of investable propositions as Cornwall's short-to-medium term economic investment priorities.
• Agreement on the proposed timescales and process for the Cornwall Evergreen Regeneration Fund, including commissioning external support for financial modelling and a delivery and investment plan to be presented in December 2026.
• Approval of the updated Enterprise Zone Investment Policy.
• Noting the impossibility of securing an Airport PSO for this year and backing efforts to mitigate its loss with new, regular commercial connections to London.

Fair Tax Cornwall

The Leader acknowledged correspondence received from the Cornwall Independent Poverty Forum regarding Fair Tax Cornwall. It was noted that further work is required to understand the issues raised before any advice can be brought back to the Board, and consideration will be given to including the matter on a future agenda.

Economic Forum and Workforce and Skills Board Updates

The Chair of the Economic Forum provided an update on the Forum's work, including its role in supporting Cornwall's transition to a new economic funding environment and recommending the prioritised investment pipeline. The Forum also reviewed updates on the visitor economy, endorsed the draft Cornwall Cultural Strategy, and received updates on the Local Nature Recovery Strategy, supply chain initiatives, and Cornwall Airport Newquay.

The Workforce and Skills Board has moved from strategy development to implementation. The Board approved its work programme for 2026/27 and considered the economic and social value of the adult social care sector. Members were informed that skills shortages persist across key sectors, exacerbated by challenges in housing, transport, childcare, and health impacting workforce participation. The Board received updates on the delivery of the Workforce and Skills Strategy and the Local Skills Improvement Plan, focusing on ensuring employer-led and responsive activity to labour market needs.