Cornwall will get lost EU funding, says Chancellor
THE Chancellor of the Exchequer has included the Government’s pledge to replace Cornwall’s lost EU funding in his latest budget statement.
Full documents released following Rishi Sunak’s Spending Review statement to the House of Commons on Wednesday include a line indicating that Cornwall will get money that will “at a minimum match” the amount it would have got from the EU each year.
Cornwall had previously been a beneficiary of billions of pounds in funding from the EU after being identified as one of the poorest regions in Europe. However after Brexit it was no longer able to access that money.
There have been concerns about the replacement funding, which has been promised by Prime Minister Boris Johnson on several occasions.
It was previously stated that the replacement funding would be provided through the new Shared Prosperity Fund (SPF) but this has not yet started and a pilot scheme would only see Cornwall able to apply for up to £3 million.
Cornwall Council has previously indicated that it would need around £100 million a year to replace the money which would have been provided from the EU.
While the Government’s commitment to provide replacement funding is included in the budget statement there is no indication of how much it might be or when it might start.
However it was welcomed by Conservative politicians with Cornwall Council leader Linda Taylor paying tribute to the work of her team at County Hall.
On her Facebook page she said: “I am delighted to see, thanks to the tireless lobbying of both our Cornwall Conservative administration at Cornwall Council and our six excellent Cornish Conservative MPs, that the Chancellor has today put in writing, as part of his Autumn Budget and Spending Review 2021 that Cornwall’s share of the UK Shared Prosperity Fund will be at least what we got under EU funding arrangements in the past.
“I am sure it will also be easier to use, more accessible and better targeted at the people and businesses in Cornwall who need it most, and not go unspent as the EU monies often did!”
In an official statement from the council she added: “I welcome the Chancellor’s budget announcements this afternoon as we look to build back better after the pandemic.
“This package of investment is good news for our residents and further evidence of the Government’s commitment to make good on its promise to ‘level up’ Cornwall.
“A key part of levelling up was ensuring that Cornwall receives a significant share of the government’s Shared Prosperity Fund in line with the Prime Minister’s commitment that any funding would match or exceed EU funds.
“So, I am delighted that the Chancellor has agreed to match that level of funding as a minimum. We have worked hard alongside our MPs to make the case for Cornwall, and it is clear our voices have been heard.”
North Cornwall MP Scott Mann also welcomed the announcement, saying: “Very pleased that our manifesto commitment to the people of Cornwall, to ensure that EU administered funds are matched post-Brexit, has been repeated in today’s Spending Review.”
And Steve Double, MP for St Austell and Newquay, said: “I warmly welcome the Chancellor putting on the record today that Cornwall’s share of the UK’s £2.6 billion Shared Prosperity Fund will at least match previous EU funding arrangements if not exceed them.
“The Chancellor also confirmed £200m of new funding to continue the Cornwall and Isles of Scilly Investment Fund. CIOSIF has helped countless small businesses across Cornwall access the finance they need to grow and flourish.”