Leslie: Where is the rest of the money our communities are owed?

4 March 2019

Commenting on today’s announcement of a Stronger Towns Fund, The Independent Group spokesperson for the Treasury and trade Chris Leslie MP said:

“With communities due to lose billions of pounds of investment from the European Regional Development Fund and the European Social Fund if we leave the European Union on 29 March, the real question is why are Ministers replacing barely half of that money? Where is the rest of the money that our communities are owed?

“This is yet another example of how Brexit, in the form it was sold to the British people, just cannot be delivered. Both May’s Brexit deal, and no-deal, would be disastrous for communities like mine in Nottingham, leaving families worse off.

“We need a People’s Vote to give the people a final say over this Brexit process.”

ENDS

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Notes to editors

  1. Chris Leslie is the Member of Parliament for Nottingham East, and The Independent Group spokesperson for the Treasury and trade. He has taken on parliamentary roles including Shadow Chancellor and Shadow Chief Secretary to the Treasury. He is a member of the International Trade Select Committee.
  2. More information on The Independent Group is available at our website: https://www.theindependent.group/
  3. You can follow The Independent Group on Twitter: @TheIndGroup
  4. A guide to European Regional Development Fund (ERDF) and European Social Fund (ESF) 2014-2020 Programmes in England is available online here: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/738242/ESIF_Online_Publication_2018_FINAL_UPDATED_040918.pdf
    Page 3 highlights – “ERDF funding is €3.6 billion – approximately £2.6 billion based on December 2015 exchange rate calculations.”
    Page 4 highlights – “ESF Funding is €3.5 billion – approximately £2.53 billion based on December 2015 exchange rate calculations”
    £2.6bn + £2.53bn = £5.13bn
    £5.13 / 7 years = £733m/pa of ERDF and ESF funding.
    This compares to Stonger Towns Fund of £1.6bn/4 years = £400m/pa of Stronger Towns Fund spending.