This week’s figures showing that growth in the economy has faltered again is a reminder that the road to economic recovery is not going to be an easy one and other countries such as the United States and across Europe are facing the same challenges.
The lesson from past recessions is that the best approach lies in a combination of living within your means and spending money carefully so that mortgage rates can be kept very low, but also trying to protect or increase spending on capital investment and infrastructure projects to create jobs in the short term and increase competitiveness in the longer term. That is why last year, the government announced further spending for infrastructure projects and increased the tax incentives for businesses to invest in new equipment that would make them more competitive.
Locally, my main focus over the last two and a half years has been on trying to secure investment for Camborne, Redruth and Hayle to get the local economy moving. With the help of a government grant, work is now well underway on North Quay in Hayle with a new marine business park about to be built and, following a successful outcome to the long, drawn out discussion about where we should locate any new supermarket in Hayle, this spring we should see work commence on repairing South Quay too with a mixture of new retail space and homes and a new foot bridge to link the quay to Penpol Terrace.
Pool has already been transformed by the completion of Heartlands last year and early this summer, again after years of wrangling and a lot of hard work to secure government funding, we should see construction begin on the new £25 million link road at Tuckingmill which will open up the potential of all the derelict mining land in that part of Camborne and allow the building of the proposed Tuckingmill Urban Village and new industrial space to create jobs.
Last week I had a meeting with representatives from the Heritage Lottery Fund to hear about some of the projects they have supported in this area but, most important of all, to discuss the possibility of getting some large scale funding to help take forward plans to build the new Cornwall Archive in Redruth on the site of the old brewery which has been derelict for over twenty years. Competition for funds is high with around £140 million worth of projects chasing a fund of just £50 million but I think our town has a powerful bid. The facility will celebrate Cornwall’s heritage and bring together many historic manuscripts and research resources in one place. It will restore many of the old buildings around the brewery and regenerate the whole town. April will be decision time so fingers crossed!
George Eustice can be contacted at email@example.com or 1 Trevenson Street, Camborne, Cornwall TR14 8JD or by telephone on 020 72197032.