Cornwall and the Isles of Scilly will receive more than £500 million of European funding over the next seven years, it has been confirmed this afternoon.
Vince Cable, Secretary of State for Business, Innovation and Skills, told parliament how the European Regional Development Fund (ERDF) and the European Social Fund (ESF) would be allocated throughout the UK.
Mr Cable said the European money would be distributed through Local Enterprise Partnerships which were set up by the Government in 2010.
The funding for €592.9 million (£512.85m) will be made available for the period 2014 to 2020.
News of further European investment in Cornwall was welcomed by politicians in the county.
Sarah Newton, MP for Truro and Falmouth, said on Twitter: “Welcome news on EU funds for Cornwall- must be used to create high quality local jobs through sustainable growth.”
Edwina Hannaford, Cornwall Council cabinet member for the environment, said: “Brilliant news on EU funds for Cornwall to create high quality local jobs.”
News of the EU funding was rolled out today as part of a package of positive announcements from the Government following yesterday’s spending review.