Last week, the Budget came with a distinctly Cornish flavour.

In a landmark announcement, the Chancellor revealed that government would be funding the establishment of a £30-million Kernow Industrial Growth Fund - set to be invested in local businesses in Cornwall's Distinctive growth sectors - marine, critical minerals and clean energy supply chains - as well as some of our core industries.

If you'd asked me a few years back when working in the City, or for our publicly-owned development finance institutions, what I would do if I could make one contribution to Cornwall's economic development, I genuinely would have said to set up our own mini-sovereign wealth fund. So, this is a proud moment for Cornwall and, for me, it's deeply personal. This is Cornwall's fund, and I expect it to be invested responsibly.

For all the good EU structural funding and Shared Prosperity did, it's probably fair to say it sometimes lacked commercial discipline. So, we must be clear that the £30-million Kernow Industrial Growth Fund is for investment, not spending, and it must be returned to Cornwall's coffers and recycled back into future projects.

Still, admittedly, the acid test for me will be whether this investment, coupled with boosts to the long-term Local Government Funding Settlement, outweigh Shared Prosperity in quantum.

Good governance and sector specialisation will be key, so I am also strongly of the view that a professional management team should be sought.

My personal view is that this fund should also be available to agribusinesses that help add value to Cornish farming and food chains. With the Batters Review of farm profitability expected to paint a challenging picture, it's got to be our commitment to add value to our local agricultural supply chains and drive those returns for farmers.

In another one of Cornwall's "Core" sectors, I believe immediate investment should be mobilised, to help establish a new Local Visitor Economy Partnership (LVEP). Just as with the Kernow Industrial Growth Fund, the LVEP should be run for the industry by the industry and properly governed and run by experts, –not ‘Jacks of all Trades’ or County Hall bureaucrats. This team needs to get off the ground and build a sustainable funding model which has the financial firepower to invest in projects that benefit the visitor economy as a whole across Cornwall.

The work we are doing with the Cornish Fish Producers’ Organisation (CFPO) to establish something similar for the fishing industry serves as a model - proper governance, a proper plan but, ultimately, the local Cornish industry setting out what it needs and government empowering it to invest in its future.

So, yes, I am extremely proud that Cornwall’s four Labour MPs have secured another £30-million to drive sustainable industrial growth in The Duchy – but I hope this is just the start of our work to transform Cornwall and repair the damage caused by years of local Conservative ‘leadership.’