Truro plans 'in doubt as £24m funding value drops'

The money was to fund projects to make Truro a “connected river city”

Plans to revitalise Cornwall’s only city could now be in doubt after a board has revealed that the spending power of government funding has been reduced in real terms because of increases in costs.

In April 2021, Truro secured a Town Deal of up to £23.6m of government funding for regeneration projects.

However, the Truro Town Deal Board has since announced that the real value of the funding has been cut by a third.

Projects to make Truro a “connected river city” included better design and use of Lemon Quay, creating a community hub, green transport links, new life for buildings in the city centre and a Boscawen Park sports and recreation hub.

The Local Democracy Reporting Service understands that elements of the Towns Fund proposals which could be affected are either the plans to create a lifting bridge connecting the Newham and Boscawen Park parts of the city, or a pedestrian bridge linking Town Quay to Garras Wharf car park.

Alan Stanhope, chair of the Truro Town Deal Board, said: "The board and delivery team have been working with the increasing challenges of the impact of inflation to all elements of the Town Deal programme.

"With unprecedented cost increases in construction in recent years, we estimate the real value of the £23.6m award has reduced by one third.

He added: "We are doing what we can to ensure this government investment delivers for our residents, businesses and visitors."