Airport, dock and garden village to benefit if Cornwall becomes 'Investment Zone'
The government is in talks with 38 local councils, including the Duchy's
Last updated 24th Sep 2022
Falmouth Docks and Langarth Garden Village near Truro could be among the first locations to benefit, if Cornwall becomes an 'Investment Zone'.
Cherilyn Mackrory, MP for Truro and Falmouth, has welcomed government plans to establish investment zones, which the Prime Minister says will drive jobs and growth across Cornwall.
Officials say so-called 'Investment Zones' will lower taxes and simplify planning frameworks to encourage rapid development and business investment.
The government has opened discussions with Cornwall Council to establish Investment Zones, with Falmouth Docks, Langarth Garden Village and Cornwall Airport Newquay among the early locations identified.
What is an 'Investment Zone'?
The government says areas hosting Investment Zones will benefit from:
• Lower taxes: Businesses will benefit from time-limited tax benefits.
• Accelerated Development: There will be designated development sites to both release more land for housing and commercial development, and to support accelerated development
• Wider support for local growth: Subject to demonstrating readiness, Mayoral Combined Authorities hosting Investment Zones will receive a single local growth settlement in the next Spending Review period.
Cherilyn said: "I am delighted the Government has identified Falmouth docks and Langarth Garden Village to be among the first locations that could benefit from this new initiative to boost business investment and release land for new homes in our local communities.
"Falmouth docks plays a vital role in our local economy and is home to a thriving maritime sector with businesses developing our offshore wind ambitions.
"Establishing an investment zone here would make it easier for its business to invest, grow, and create well paid, high-skilled jobs for local people.
"I am pleased the Government is discussing these proposals with Cornwall Council and look forward to supporting these plans that will drive jobs and growth across Cornwall".
Cornwall Airport Newquay has also been identified as one of the possible locations to benefit from 'Investment Zones'.
Newquay and St Austell MP, Steve Double, said: "Cornwall Airport Newquay is a critical and growing part of Cornwall's infrastructure and today's announcement from the Chancellor confirms the potential that the Government sees in it.
"I am pleased to see the Conservative Administration at Cornwall Council working with the Government to realise this potential.
"This is a very welcome development and will build on the existing enterprise zone status of the airport and provide prospective businesses looking to invest in the area incentives to do so.
"I look forward to seeing more details on these proposals and working with all concerned to help continue the growth of Cornwall Airport Newquay".
You can read more about the plans for 'Investment Zones' on the government's website.