The Conservatives’ manifesto for the 2019 general election promised to cover at least the money provided in less affluent areas through EU structural support. However, the details of the Shared Prosperity Fund released today by Secretary Michael Gove show that it will distribute 6 2.6 billion in three years, but will not reach the annual total of 1,5 1.5 billion provided by Brussels by 2024-5. Mr Gove said the fund would start at 400 400m this year and gradually rise to previous levels in the EU, as needy areas would continue to receive funding from Brussels until the end of 2024. However, the North Powerhouse Partnership – chaired by former Chancellor Toris George Osborne – said this was unfair, as EU money was for projects that were already under way and would not have been deducted from the funds for the next two years if the United Kingdom was still in the EU. Wales’s first minister, Mark Drakeford, said the nation would lose 1 1bn in three years, with less to say about how the money was spent. He said: “This is not an ascent, but a leveling down.” And NPP director Henri Murison said the deficit had fallen to 43 percent in three years, and authorities would lose the long-term security provided by the EU’s seven-year lending. “We were promised that no nation would be worse off after Brexit, but when you remove the smoke and mirrors, the data does not lie,” he said. “These funds have helped young people find work, supported small businesses and supported vital medical research – cutting it will have devastating consequences for our economy.” Announcing how the money from the fund will be distributed over the next three years, Mr. Gove said it “will help unleash the creativity and talent of communities that have long been ignored and devalued.” “We have regained control of our money from the EU and are giving the opportunity to those who know their communities best to meet their priorities,” he said. However, the NPP said that the post-Brexit fund was worth an average of 3 873 million £ per year for the next three years, compared to 1,5 1.5 billion £ per year from the EU between 2014 and 2020, and was delivered in a way that “encourages “. That would mean, for example, that the Tees Valley would receive 13 13 million less and Greater Manchester £ 26 million, allowing inflation, they said. “Today is not a recipe for success,” he said. “It’s a serious blow to the rise.” Mr Drakeford said: “Despite repeated promises, today’s announcement by the UK Government leaves Wales less reason to spend less money. “We will lose over δ 1 billion that could have been used to grow the economy and support our most disadvantaged communities. This is not an ascent, but a leveling down “. Labor Party shadow secretary Lisa Nandi said the announcement was tantamount to “another broken promise” by the government. “We do not have complete details as the government has not published them, but the direction of the trip is obvious – and disappointingly well known,” he said. “Big promises of ‘upgrades’ do not mean much when you cut money from our most disadvantaged communities.” The Institute for Fiscal Studies, meanwhile, said the government missed an opportunity to get rid of the “arbitrary” features of the EU program that created funding disparities “on the brink” with much higher levels of support in Cornwall and the West. Wales from other regions that are marginally richer, such as South Yorkshire, Lincolnshire or Durham. “The UK Government has ‘taken control’ only to stick to an arbitrary, poorly designed, outdated funding mechanism,” said David Phillips and Ben Zaranko of IFS. Mr Gove said the fund could be used to revitalize degraded main roads, fight anti-social behavior and crime, or help more people find decent jobs. Local authorities will be asked to submit an investment plan setting out how they intend to use it, which will then have to be agreed with the government on the unlocking of the funds. For the 38 UK Local Business Partnerships, as well as Scotland and Wales, the government said the fund would match EU funding in real terms and then each region would use a fundraising need indicator. to each local authority. Northern Ireland will receive a single distribution and draw up a single investment plan for the whole country. “The bureaucracy will be cut and there will be much more discretion as to what the money is spent on,” said the Ministry of Leveling, Housing and Communities. “EU demands for match-fixing, which affected the poorest parts, will be abolished. “Instead of regional bodies, funding decisions will be made by elected local government leaders, with the input of local MPs and local businesses and volunteer groups.”
