Rachel Reeves confirms up to 1,300 jobs could be created following a £28.6 million National Wealth Fund investment to support the reopening of South Crofty Tin mine.
Investment will help cement Cornwall's role in supplying a nationally critical material, supporting the government's Industrial Strategy to boost growth in priority industries as part of the Plan for Change.
Proposals to cut licensing red tape announced yesterday will breathe life into Cornwall's pubs, clubs, restaurants, and cafes with more alfresco dining and longer opening hours on offer for residents and tourists, as part of the Small Business Plan.
Chancellor's pledge to renew Cornwall follows the Spending Review which delivered record investment across the UK, creating jobs and delivering economic growth that puts money in people's pockets.
Rachel Reeves has pledged to unlock growth in Cornwall through investment, slashing growth-stunting red tape, and creating good jobs that will put more money in Cornish people's pockets.
While touring Cornish Metals in Redruth this week, the Chancellor confirmed that a £28.6 million investment delivered by the National Wealth Fund to help finance the re-opening of the South Crofty Tin mine could create 1,300 jobs for the region.
As well as the project itself creating over 300 jobs, it is estimated that a further 1,000 jobs will be created more widely as the company uses more local suppliers like metal fabricators and electricians and the mine itself will fuel supply chains in in the UK.
Chancellor of the Exchequer, Rachel Reeves, said:
Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result.
Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people's pockets.
Our investment to revive Cornwall's proud tin mining industry and the thousands of jobs it will create for years to come is one way we are renewing the county, and there is more to come in our Plan for Change.
This supports the government's Industrial Strategy to boost growth in the UK's high-growth industries, including clean energy, as tin is a critical material used in a wide range of electronic products manufactured by the sector.
As demand for its use in solar panels, wind turbines, electric vehicles, semi-conductors, and energy storage increases as Britain transforms into a clean energy superpower, Cornwall's role in strengthening our domestic tin supply will be cemented.
The Chancellor pointed to this as an example of how the government will deliver renewal in Cornwall and elsewhere in the UK after delivering record investment in our security, health, and economy in the Spending Review, leading to new jobs and economic growth - the number one mission of the Plan for Change.
Don Turvey, CEO of Cornish Metals, said:
We are honoured to welcome the Chancellor to South Crofty and proud to showcase the significant progress we're making as we move toward production. The UK government's £28.6 million investment via the National Wealth Fund is a powerful vote of confidence in our project and the future of Cornwall's mining industry.
Tin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles, and renewable infrastructure. By reviving domestic production at South Crofty, we're not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.
Our focus remains on delivering long-term, sustainable value safely, responsibly, and with deep roots in the community. We're proud to be playing a role in bringing responsible tin mining back to Cornwall and supporting economic renewal and industrial growth in the region.
Ian Brown, Head of Banking & Investments at the National Wealth Fund, said:
Cornish Metals have made excellent progress as they work towards re-opening South Crofty. Our financing is designed to help them crowd further investment into the region, bringing skilled, year-round job opportunities, and driving local growth.
Stopping off for a spot of fish and chips on the seafront, the Chancellor also met with staff at Harbour Lights fish and chip shop on Arwenack Street in Falmouth to discuss the government's proposals to rip up arduous regulations that have blocked restaurants like theirs from growing.
Ensuring local councils are more lenient when considering licensing applications, making it easier for pubs to serve their customers outside and for longer, and binning the outdated rule that businesses need to pay to advertise in locally printed press if applying for a license are three of ten recommendations being considered by the government so the hospitality industry in Cornwall and further afield can thrive.
A consultation on the proposals will be launched later this year and this follows the reform of planning rules announced in the Autumn, which will further free the hospitality industry from growth-stunting regulations, fuel the economy and reduce government borrowing by £3.4 billion. This comes ahead of the publication of the Small Business Plan, which will show how the Plan for Change will rejuvenate smaller businesses and put more money in people's pockets.
The Chancellor also visited APCL A&P Falmouth, where she saw at first hand, how the ship repair facility supports the Royal Navy, Royal Fleet Auxiliary, and commercial vessels.
The Chancellor welcomed APCL's plans to redevelop the docks. The proposed expansion would significantly increase the port's capacity for supporting defence, offshore, ferries and cruise vessels.
As well as hearing about the economic benefits the plans could deliver for Cornwall, she also discussed APCL's contribution to the deployment of floating offshore wind infrastructure as the government works to boost the country's homegrown, clean energy supply to bring down bills for families.
Mike Spicer, Managing Director of APCL A&P Falmouth, said:
APCL A&P Falmouth is a centre of excellence for the Royal Navy, Royal Fleet Auxiliary, offshore vessels, cruise ships and ferries. The facility is also a busy working port, handling over 100,000 tonnes of product annually and welcoming 56 cruise calls this year.
APCL was delighted to welcome the Chancellor to our facility and demonstrate at first hand our capabilities.
The visit also provided a platform to discuss our plans to expand our facility, which would significantly enhance the services we can offer to our defence, offshore and cruise customers and help fulfil Cornwall's ambitious floating offshore wind agenda.
In a separate engagement, the Chancellor met with Kensa, a Cornish-founded and headquartered manufacturer of ground source heat pumps that has manufactured and installed over 17,000 in the UK since its establishment in 1999.
As the government has stepped up efforts to transform Britain into a clean energy superpower and support households to upgrade their heating and energy efficiency, Kensa aims to support this by expanding its operations significantly, increasing its workforce from 200 to 450 by 2030 and growing its heat pump production and installations from 2,500 a year to 25,000 a year.
Tamsin Lishman, CEO of Kensa, said:
Kensa sits at the heart of the government's plans for green industrial growth, a proud Cornish manufacturer of ground source heat pumps and a nationwide installer of heat networks.
Kensa has bold ambitions to invest and expand its workforce and operations over the next five years, increasing employment in Cornwall and the wider UK to 450 people and many hundreds more in our installation supply chains.
I have been buoyed by the recent government announcements on the Future Homes Standard, major funding commitments for the Warm Homes Plan, and a clear plan to bolster heat pump manufacturing as part of the new Industrial Strategy. This is the policy platform we need for growth in Kensa and in Cornwall, and we look forward to working with the government to deliver it.
