Potential Investment Zones for Cornwall revealed
16 sites have been put forward
Last updated 9th Nov 2022
Cornwall Council has revealed the 16 sites it would like to see classed as Investment Zones which would provide tax breaks and relax planning rules.
The council submitted its bid for the zones last month after a Government invitation.
It had previously been suggested that the council would be seeking to get investment zones at Cornwall Airport Newquay and Falmouth Docks.
The new list reveals that there were in fact 16 locations put forward including The Beach at Carlyon Bay, Pydar development in Truro and Langarth Garden Village.
Among the benefits that would be provided for investment zones are business rates relief, employer National Insurance contributions relief, stamp duty relief, a streamlined planning process, and priority for infrastructure funding.
A report going to the council’s economic growth and development overview and scrutiny committee next week provides the 16 sites put forward for investment zones. They are:
- The Beach, Carlyon Bay, St Austell
- Dennison Road, Bodmin
- Falmouth Docks
- Langarth Garden Village, Truro
- Liskeard Business Park
- Lithium, British
- Lithium, Cornish
- Penryn University Campus
- Nansledan, Newquay
- Newquay Aerohub
- Newquay Station Quarter
- Penwinnick Road, St Austell
- Pydar Development, Truro
- Torpoint Town Centre
- Tuckingmill, Camborne
- West Carclaze Garden Village, St Austell
The report states that it is not known when the Government will announce which areas have been successful but that there is likely to be a statement in Investment Zones in the Chancellor’s statement due on November 17.
However, as Investment Zones were a part of the former Chancellor Kwasi Karteng’s mini-budget announced under former Prime Minister Liz Truss there is uncertainty about whether Investment Zones will continue. Many of the other measures announced in that mini budget have already been scrapped by current Chancellor Jeremy Hunt.
Cornwall Council has said: “In order to align with our priorities sites have been chosen which will assist our transition to a zero carbon economy by supporting lithium extraction and producing green energy from Floating Offshore Wind, accelerate housing development which will help alleviate the pressures on housing that we are currently experiencing, support town vitality and regeneration and that are complimentary to our existing levelling up proposals specifically building on the transport improvements proposed by the Mid Cornwall Metro.”
The report identifies that due to the focus on the Mid Cornwall Metro – which is aiming to improve rail links between Falmouth and Newquay – many of the sites selected are around the Mid Cornwall area. It says that the areas in Torpoint and Liskeard were selected to “balance the opportunity for growth in response to Plymouth’s investment zone focus on the docks and their Freeport proposals”.
The economic growth and development overview and scrutiny committee is set to meet on Tuesday (November 15) to consider the report.