Cornwall will get €592.9 million in EU cash between 2014-2020.

The cash is to invest in economic development projects and programmes and is subject to the outcome of budget negotiations in Brussels and approval by the European Commission.

Cornwall Council and the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP) have been working together on the design of the next EU programme for Cornwall and the Isles of Scilly.

Chris Pomfret, chair of the LEP said “Today’s announcement that funding will be ring fenced for Cornwall and the Isles of Scilly is good news, but the challenge now is to make sure that this investment is targeted in the right way and has the maximum impact in supporting businesses to grow and create jobs in Cornwall and on the Isles of Scilly.

"The LEP is consulting widely with businesses and the community to make sure that they have a say in how this money is spent before the programme starts next year. We have been allocated this funding because of our position as one of the poorest regions in Europe and we need to spend this money wisely in order to ensure it is the last time we fall into this category.”

Julian German, the Council’s Cabinet Member for Economic Development and Culture said “Cornwall has an enviable track record in the delivery of EU programmes and has invested in great projects such as the Combined Universities in Cornwall, the roll out of SuperFast Broadband and Unlocking Cornish Potential.

"However, the Cornish economy has struggled during the current economic downturn and we need to make sure the next programme is designed and delivered by Cornwall for Cornwall, if it is going to support sustainable economic growth in our communities.”

Further guidance will be produced by Government in early July and final proposals from Cornwall and the Isles of Scilly for how the funding will be spent will be finalised in September.