Prime Minister pledges to match EU funding

There’s been alot of reaction in Cornwall today to the news that the Prime Minister Boris Johnson has apparently pledged to replace EU funding in Cornwall and the Isles of Scilly like-for-like with a dedicated fund. It could be worth up to £600m over the next decade.

In a BBC interview when asked if he was saying categorically that the Government would replace EU funding in Cornwall and the Isles of Scilly like-for-like after Brexit, Mr Johnson said: “Yes. It’s going to be the same quantum. We’re going to make sure the Prosperity Fund matches.”

Pressed on whether this funding would be competitive with other UK regions or ring-fenced for Cornwall, the Prime Minister added: “There is going to be a discrete fund for Cornwall, the Prosperity Fund, which will match the existing funding. We’re determined to do that.”

The Government’s long-awaited Shared Prosperity Fund (SPF) is designed to replace EU funding after Brexit, but details have been scarce. A ‘Discrete fund’ means it will be detached from the main fund.

The Prime Minister’s pledge to use part of the SPF to create a bespoke fund for Cornwall and Scilly could be worth around £60m a year for the next seven to 10 years. This is what the area could have expected from the EU to support its economy if the UK remained in the European Union.

How leaders would like to see funding to replace EU cash

Glenn Caplin, Chief Executive of the Cornwall & Isles of Scilly Local Enterprise Partnership, said: “We have long argued that Cornwall and Scilly should be left no worse off after Brexit and we welcome the Prime Minister’s personal commitment to create a discrete fund to replace our EU programme.

“It’s vital that the special economic circumstances of Cornwall & Scilly continue to be recognised and we look forward to working with our partners, Government and our MPs on shaping our new regional investment programme.”

Steve Double, MP for St Austell and Newquay retweeted our video of the interview with the comment

This is great news. I am pleased @BorisJohnson has now said publicly to @bbcmartynoates what he has told me privately many times, that EU funding for #Cornwall will be replaced like for like after #Brexit https://t.co/mJe8bImiol — Steve Double MP (@stevedouble) September 27, 2019

Cornwall Council has been applying pressure to Government not to roll-back from the promise of greater devolution after Brexit, giving the region more power over funding to deliver services to local businesses and residents.

Cornwall Council’s Deputy Leader, Adam Paynter, cautiously welcomed the Prime Minister’s comments but said the Council urgently needs to see more details on the proposals for this discrete Cornwall programme.

He said: “Boris Johnson clearly told us that Brexit would allow local people to take back control.

“We hope that the Prime Minister can deliver on his promise that Cornwall will be no worse off and we look forward to receiving further clarity over funding and devolution post-Brexit that could have a significant impact on everyone’s lives within Cornwall.”

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