06/10/2025
If anyone was in any doubt about the contribution Cornwall can make to the UK’s growth ambitions, the recent Cornwall and Isles of Scilly Growth summit will have dispelled them.
It was also a testament to what targeted investment through Cornwall Council’s Good Growth Programme using the UK Shared Prosperity Fund can unlock.
What came across to the 130 or so delegates who attended the summit at the Royal Cornwall Showground was the sheer momentum now powering Cornwall’s contribution to the national economy.
We heard from local businesses and leaders spanning critical minerals, renewable energy, defence, advanced manufacturing and creative industries how Cornwall is strongly – and in some cases uniquely – positioned across a range of growth-driving sectors to help deliver the UK’s modern Industrial Strategy.
The scale of opportunity was highlighted by Cornish Lithium‘s Mike King who told delegates that its combined hard rock and geothermal lithium extraction projects could meet 20% of the UK’s total lithium carbonate demand (essential for batteries) by 2030.
Small wonder then that Cornish Lithium received the first ever equity investment from the government-backed National Wealth Fund. They’ve also benefited from £1.28m of Good Growth investment, partnering with the Council to explore joint geothermal/lithium resources.
Meanwhile Don Turvey from Cornish Metals explained how South Crofty is the highest grade non-producing tin resource in the world. I’ll repeat that: in the world. But it won’t be non-producing for long – the company expects to extract tin by mid-2028, 30 years after the mine closed. It could employ 300 people directly with 1,000 indirect jobs in the local economy and has also attracted £28.6m National Wealth Fund investment because of its significance in providing a secure domestic source of tin.
Don said 53% of tin goes into solder for electronics, which are vital for data storage, processing and AI, and is increasingly used in solar panels. For the Good Growth Programme, South Crofty has been its largest single private sector investment, at £4.19m, and part of a suite of projects we have supported to develop our critical minerals industry.
We also heard from Drystan Jones at A&P Falmouth about its ambitions to support the construction and maintenance of floating offshore windfarms in the Celtic Sea, where some 1,120 turbines are planned as part of a major drive towards net zero.
Falmouth, he said, is the most sheltered of the Celtic Sea’s harbours and perfectly placed to capitalise on one of the UK’s most strategically important clean energy opportunities. The company has created a large 30,000m2 quayside marshalling area for turbine work with £973,000 of Good Growth investment, and is planning wharf extensions and upgrades.
Jamie Murphy from Penzance Dry Dock meanwhile explained how the business had raised over £5.3m of investment, including £2m from the Good Growth Programme, to create a marine engineering powerhouse in West Cornwall and one of the only facilities in the UK to offer shipbuilding alongside ship repairs in the small to medium sized market. He is also eyeing the potential of the Celtic Sea to drive demand for new vessels.
Laura Giles from Screen Cornwall highlighted the creative industries as a driving force in Cornwall’s economy. She said the sector is worth £368 million, employing 13,400 people – around 5% of all jobs – with a further ‘overspill’ of 11,000 people working in creative roles across other sectors, helping to seed innovation beyond the core industry. The Good Growth Programme has supported Screen Cornwall’s sector development work with a £519,000 investment.
We also heard from Piers Guy, renewable energy sector lead for the Cornwall and Isles of Scilly Economic Forum – which hosted the summit – about the potential of geothermal energy in Cornwall. Thanks to our granite geography, there is an estimated 200GW resource if you drill down 6.5kms. He said that’s equivalent to 60 Hinkley C nuclear power stations.
All the speakers at the summit demonstrated the scale of opportunity, expertise and investment potential that exists across Cornwall and the Isles of Scilly in these growth sectors.
And it was a snapshot of what the Good Growth Programme has helped to deliver, where all our investment decisions have been made locally, using regional growth funding from central Government. They showcase how such investment can be a catalyst for further growth and job creation, leveraging private investment while helping to drive forward national priorities.
The Growth Summit crystalised our ambition to be at the centre of Government’s drive to kickstart growth across the UK, and demonstrated the passion, innovation and unity of purpose driving Cornwall’s economy forward.
Councillor Adam Paynter is Deputy Leader and Portfolio holder for Resources at Cornwall Council.