Prime Minister announces new deal to boost Cornwall economy

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Prime Minister Boris Johnson has today (7 April 2021) announced a multi-million pound investment in Truro to boost the local economy, create jobs and improve local skills, helping the county build back better from the pandemic.

The £23.6 million Deal for Truro will help transform Cornwall’s capital into a Connected River City and support its vision of becoming a modern economic, cultural and green capital for its residents and the wider community by 2030.

The Deal will breathe new life into Truro’s waterfront by creating new spaces for business, vibrant and green event areas, promenades and new ferry terminals with berthing facilities and pontoons.

The investment will also boost its cultural and tourism offer by transforming some of its historic buildings into thriving businesses. The creation of a ‘go to destination’ in Boscawen Park will include a new ‘winter garden’ to build on Truro’s national reputation as a city of bloom.

Green and sustainable travel are at the heart of these plans, connecting key locations and attractions with accessible walking and cycling routes including a proposed new bridge between areas currently isolated from each other. The funding will also help convert some of Truro’s unused buildings into much-needed new homes.

The government is already investing £3.75 million in Truro to support the redevelopment of The Hall For Cornwall Theatre, boosting tourism and leisure opportunities in the area. This is part of £92.4 million investment in Cornwall and Isles of Scilly from Growth Deals and the Getting Building Fund.

Today’s investment is the 53rd deal to be announced from the Towns Fund and is part of comprehensive action by the government to level up opportunity and prosperity across all areas of the country including through the £4.8 billion Levelling Up Fund, the £220 million Community Renewal Fund and the £830 million Future High Streets Fund.

Last month, the government also announced a £56 million Welcome Back Fund to help high streets and seaside towns prepare for the safe return of shoppers and tourists as national restrictions ease.

Prime Minister Boris Johnson said:

We are determined to level up across the entire country, and the Deal we’re announcing for Truro will help to unleash its tremendous potential.

Through a range of innovative projects including greener transport links and the restoration and renewal of spaces in the city centre, we will be able to rejuvenate the local economy, support businesses, boost connectivity and create new jobs.

Communities Secretary Robert Jenrick said:

This government is levelling up towns and cities across the country by building stronger and more resilient local economies, boosting prosperity and opportunity in our communities, and helping them build back better from the pandemic.

This Deal is great news for Truro and the county. By revitalising the waterfront, breathing new life into unused historic buildings and investing in new cultural and tourist attractions, it will make a huge difference to the local economy and create much needed jobs and homes.

Mark Duddridge, Chair at Cornwall and Isles of Scilly LEP said:

The award of £23.6 million for Truro, as the country begins to emerge from the restrictions of lockdown is a fantastic boost for Cornwall and the City. The environmentally sensitive development of the town will create welcome employment and will bring a new vibrancy to many areas of Truro.

This investment follows on from the redevelopment of the Hall for Cornwall, another project supported by the LEP, which together will reinforce Truro’s position as a centre for our creative industries.

This latest funding builds on the government’s wider package of unprecedented measures to help protect and support communities, business and jobs through the COVID-19 pandemic, to ensure that nobody is left without hope or opportunity.

Today’s announcement responds to a locally led proposal put forward by Cornwall Council and the Town Deal Board with representation from business, the local community, public sectors and local MPs.

All 101 places selected to work towards a Deal were given a funding allocation with proposals submitted to MHCLG. The first cohort submitted proposals in July, before being reviewed by officials and a final decision made by ministers.

The Town Fund builds directly on the government’s commitment to decentralise funding and decisions away from Whitehall, invest in the growth of local economies and devolve powers through ambitious City and Growth Deals, providing more than £9 billion of funding to Local Enterprise Partnerships (LEPs) and introducing 8 metro mayors in England.

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