Final boost for Cornwall’s Shared Prosperity Fund as £47m announced for duchy

Labour pair Jayne Kirkham MP for Truro and Falmouth (left), and Perran Moon MP for Camborne and Redruth have been elected in Cornwall (right)
Cornich Labour MPs, Jayne Kirkham and Perran Moon, said they are delighted with the increased Shared Prosperity Fund. Credit: ITV News

Cornwall will get a slightly increased Shared Prosperity Fund next year, after concerns the duchy wouldn’t get any more from the programme at all.

Labour MPs have said they are "absolutely delighted", describing it as a "huge boost for Cornwall" that "will allow businesses and community groups to know that investment will continue".

The government has announced that Cornwall’s share of the SPF for 2025/26 will be £47.3 million, an annual increase on the previous three-year settlement of £137 million.

"Given the massive financial crisis left by the Conservative government, there were concerns raised that SPF could not continue at all, let alone at a higher level for Cornwall," said the four Cornish Labour MPs in a statement.

Jayne Kirkham, Labour MP for Truro and Falmouth, said: "It's brilliant the new government have recognised our potential in Cornwall.

Labour MP Jayne Kirkham said the extra cash boost will help businesses in the county. Credit: ITV News

"It's not just a need, it's potential - we can do so much down here because we've got so many fantastic industries that need that boost and this will help that."

The UK Shared Prosperity Fund is the government’s domestic replacement for an EU grant that provided local authorities with funding for community projects, businesses and skills.

It was a pillar of the previous government’s levelling up agenda, which aimed to provide £2.6 billion of funding for councils until March 2025.

Before the Chancellor’s Budget in October, there were real concerns the SPF would be scrapped, with no guaranteed continuation of funds.

Instead, Rachel Reeves set out plans for a one year transition period - of reduced funding - before ending the SPF in 2026 as part of wider spending reforms.

The news that Cornwall’s share will go up next year has therefore come as a welcome surprise to MPs, who say they have been lobbying the government for some time.

Perran Moon, Labour’s MP for Camborne and Redruth, said they have “worked really hard” to secure the financial investment and that it will “deliver tangible benefits” to people in Cornwall.