Today's announcement has delighted LEP Chairman Chris Pomfret who said "This funding will enable us to support business growth and create new jobs and means that we are off to a very good start in creating a new and exciting economic future for Cornwall and the Isles of Scilly".
The LEP wrote to the Government earlier this year to express its support for the development of an Enterprise Zone at Newquay Cornwall Airport to encourage businesses within the aerospace industry to locate there.
Enterprise zones have the opportunity to attract investment, developments and jobs through a combination of business rate discounts worth up to £275,000 over five years for each business in the zone, simplified planning procedures and superfast broadband links.
"This is very good news for Cornwall and the Isles of Scilly" said Cornwall Council Leader Alec Robertson and Chris Ridgers, the Council's Cabinet Member for Economy and Regeneration. "This area is one of the largest development sites in the South West, with the Newquay Aerohub Enterprise Zone potentially delivering over 700 jobs in direct aerospace and a further 375 in the wider economy over the next five years.
"The creation of an Enterprise Zone at the Newquay Cornwall Airport site is important for the whole Cornish economy and will not only bring much needed higher value adding jobs to an existing brown field site, but will also help to safeguard the airport as an important strategic business support".
The Managing Director of Newquay Cornwall Airport Al Titterington said "The Newquay Aerohub (EZ) Zone will enhance our already strong aerospace offering. A number of the major aerospace companies we are currently in discussions with have said that the EZ would add significant value to their proposals for creating activity at the airport and the high value jobs this would bring to Cornwall. This really is great news".
The Board will also continue to explore the possibility of creating enterprise zones in Launceston, Bodmin and the Camborne, Pool and Redruth area as well as other possible prospective sites in readiness for when the legislation allows further enterprise zones to be established locally.