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How Cornwall's replacement EU funding could work

How Cornwall's replacement EU funding could work

Published by Sarah Yeoman at 1:08pm 1st October 2019. (Updated at 1:10pm 1st October 2019)

Written by Richard Whitehouse, Local Democracy Reporter

Details have been released for how leaders would like to see funding to replace EU cash distributed in Cornwall post Brexit.

Funding from the EU which Cornwall has benefited from for more than 20 years will stop following Brexit.

The Government has indicated plans for a Shared Prosperity Fund (SPF) which would provide money for projects which would have previously been supported with EU cash.

However there have been little details released about the SPF and how it might work. Information had been due to be released earlier this year but it has been delayed.

There have been fears that Cornwall may not have been able to access as much funding as it would have got from the EU and that it would also have to compete with other regions to access the money.

But in an interview with the BBC, Prime Minister Boris Johnson said:

"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."


How could the funding work?

A meeting of the Cornwall and Isles of Scilly Local Enterprise Partnership considered a report which looks at how the SPF could be administered in Cornwall and the Isles of Scilly.

Under its “preferable” model the LEP would get a 7 to 10-year investment programme which would provide £60m to £80m a year to Cornwall and the Isles of Scilly.

Under that arrangement it would ensure that Cornwall is “no worse off” outside the EU.

The programme would be delivered by Cornwall Council with the LEP and the Council of the Isles of Scilly.

However the report also puts forward a “more probable halfway house” model which would see a 4 to 7-year programme which aligns with the cycle of Parliament and would provide £20m to £50m a year.

The report also puts forward a “possible nothing” situation which would see a 1 to 3-year programme which would provide £10m to £30m a year with no local allocation for the funds.

Following the Prime Minister’s indication that funding would be replaced the LEP welcomed the announcement that could provide £600m over 10 years.

"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 and 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 LEP

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