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Boris pledges to match Cornwall's EU funding

Boris pledges to match Cornwall's EU funding

Published by Sarah Yeoman at 1:50pm 27th September 2019.

The Prime Minister has pledged to match the EU funding in Cornwall and the Isles of Scilly.

Boris Johnson says there will be a like-for-like dedicated fund that could be worth up to £600m over the next decade.

The PM made his comments during an interview on Thursday night.

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."

brexit

The Government's Shared Prosperity Fund (SPF) is designed to replace EU funding after Brexit, but details have been scarce.

Officials from the Local Enterprise Partnership say 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.

"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."

Glenn Caplin, Chief Executive of the Cornwall & Isles of Scilly Local Enterprise Partnership

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