海角视频

Wales will be nearly 拢900m worse off by 2025 due to 海角视频 Government鈥檚 failure to honour its commitment to match EU funds after Brexit - claims the Welsh Government.

Speaking ahead of the imminent publication of the 海角视频 Government鈥檚 Levelling Up White Paper, Economy Minister Vaughan Gething today called on the 海角视频 Government to respect devolution and replace Wales鈥� missing 拢1 billion

The Minister said the 鈥榙rift and indecision鈥� that has characterised 海角视频 Government Levelling Up plans is now costing Wales jobs and development projects.

According to the Financial Times, the governments in Scotland and Northern Ireland also claim to be losing out as do the Northern Powerhouse Partnership, a regional economic lobby group in the north of England.

海角视频 Government said replacement funds will ramp up to the same as those lost by 2024/25.

The levelling up department admitted that spending would not match the 拢1.5bn average EU payments until 2024-2025.

Welsh Government's claimed 'missing' money:

• The CRF(Community Renewal Fund) pilot was announced as a 拢220m 海角视频-wide fund for 2021/22. The 海角视频 Government announced bids worth 拢200m. Wales was allocated nearly 拢46.8m (23% of the total allocation).
• Through EU funding arrangements, current and new programmes overlap by two years. Had Wales and the 海角视频 remained in the EU, Wales would have access to receipts from the current EU programmes for commitments already made to projects, as well as access to new allocations from January 2021 averaging at least 拢375m annually over seven years to support new projects.
• The CRF announcement means a shortfall of at least nearly 拢330m in terms of allocations this year (2021/22)
• 海角视频-wide spending review profiles confirmed for the Shared Prosperity Fund as 拢400m for 2022/23; 拢700m in 2023/24 and 拢1.5bn in 2024/25.
• If Wales gets a 23% share of the SPF allocations over the next three financial years, Wales may be looking at 拢92m (a shortfall of 拢283m); 拢161m (a shortfall of 拢214m); 拢345m (a shortfall of 拢30m), respectively, using the average 拢375m annual figure.

Economy Minister, Vaughan Gething, said: 鈥淢ore than two years on from the grand promises made by the Prime Minister, it is now clear that Wales is being left with less say, over less money.

鈥淒rift and indecision in Whitehall is costing our least well off communities jobs and projects at the worst possible time. Last year鈥檚 Spending Review confirmed that the 海角视频 Government has broken its promise to replace EU funding for Wales in full and there is no sign that the White Paper will change this.

鈥淚f the 海角视频 Government had kept its promise, Wales would have been receiving 拢375m in new money each year from January 2021. Instead Wales鈥� share of post EU funds stands at just 拢46.8m in 2021/22.

鈥淥ur own analysis shows that the Welsh budget will be 拢1 billion worse off by 2024.

鈥淭his is not 鈥渓evelling up鈥�, it鈥檚 levelling down.鈥�

In response a Department for Levelling Up, Housing and Communities spokesman said: "We have been clear throughout that 海角视频-wide funding for the 海角视频 Shared Prosperity Fund 鈥� worth over 拢2.6 billion - will ramp up to at least match receipts from EU structural funds, which on average reached around 拢1.5 billion per year.

鈥淎longside commitments to support regional finance funds across the 海角视频 via the British Business Bank, this exceeds the 海角视频 Government鈥檚 commitment to matching EU structural fund receipts for each nation.鈥�

They added that In addition to the 海角视频SPF, the Spending Review also announced the setup of a series of regional access to finance funds.

They said: "These supersede and improve on some of the activities that have been funded in the past from EU Structural Funds, with investment rising to over 拢200m pa across the 海角视频 by 24/25.

"Levelling up is a whole of government agenda which is firmly embedded in our Spending Review plans for each department; it will not be delivered by a single department alone."