New proposals to improve Penzance Harbour have been sent to the Department of Transport just hours before a government funding deadline.

With Chris Pomfret, the chair of the Cornwall Local Enterprise Partnership, saying that the improvements to the harbour are need, and that it is time to “get on and do it”, there are hopes that the transport minister will give the plans the green light.

The proposals, drawn up by Cornwall Council and Penzance Town Council, are for a scheme to dredge the town's harbour, described as crucial for the future of the sea-link to the Isles of Scilly.

The plans replace a £65m scheme, which was called "poor value for money", by the government in 2011. The government said it would not help finance the original plan for a new £44m ferry terminal as part of the £65m project. The new, much cheaper £8million scheme to redevelop Penzance Harbour and provide a link to the Isles of Silly were shown to the public earlier this year.

Jeff Marston, the chief executive of the Isles of Scilly Steamship Company which runs the Scillonian ferry and Skybus flights to the islands said he would be disappointed a resolution was not found.

He added: “The operation won't cease if this work isn't done. It would just become more difficult and ultimately that affects everybody and ends up costing more money."