(North Tyneside)
(Lab):...As the north-east is the only region that exports
more than it imports, we will be hit hardest by Brexit. I had not
mentioned Brexit up until now, but it had to
come in somewhere. For 2014 to 2020, our region
received £437 million from the European structural investment
funds, which will be replaced by the shared prosperity fund post
Brexit. The consultation was expected last year, but we know that
the Brexit timetable has changed...
(Sedgefield)
(Lab):...Between 2014 and 2020, the European structural
investment fund invested £437 million in the north-east economy.
The aim of EU structural funds is to rebalance our economy through
regional investment allocated according to need. Will the Minister
tell us where that money will come from when it stops coming from
the EU? The Government’s stronger towns fund, launched in March
this year, consists of a £1 billion fund allocated to English
regions and £600 million available under competitive bidding after
Brexit. That is less than 10% of what UK regions would receive if
the UK remained in the EU; the north-east alone was projected to
receive £1 billion over seven years. The shared
prosperity fund, which was designed to reduce
inequalities between communities, has released no details on the
level of funding, the funding model, the length of funding periods
or the fund’s administration...
(Blaydon) (Lab):...Hon.
Members have already referred to the shared prosperity fund. The north-east
currently benefits from EU structural investment funds that are
designed to address regional imbalances, receiving £437 million
between 2014 and 2020. It is vital that businesses know the size
and the terms of the shared
prosperity fund as soon as possible. It has been
kicked down the road in the years since the initial announcement
was made. It is absolutely vital that our businesses know what is
coming so they can plan accordingly...
(Newcastle upon Tyne Central)
(Lab):...As my hon. Friends emphasised, the north-east
received almost £0.5 billion in European structural investment
funding in the period 2014 to 2020. As my hon. Friend the Member
for Sedgefield said, projections for the next seven years suggest
that we would have received up to £1 billion in EU funding, but the
Government’s paltry stronger towns fund repackages existing money
to the tune of £1 billion for all UK regions. As my hon. Friends
said, we have no details about the supposed shared
prosperity fund. Labour has committed to matching
European Union regional development funding for at least the next
decade, so will the Minister take this opportunity to commit to
tackling regional inequality by guaranteeing the continuation of
the current and projected future levels of regional
funding?
The Parliamentary Under-Secretary of State for Business,
Energy and Industrial Strategy (Andrew
Stephenson):...Questions have been asked about the £675
million high streets fund, the £1.6 billion stronger towns fund
and the UK shared prosperity fund. More details of all
those funds will be published in due course. They show the
Government’s commitment to addressing the challenges raised by
Members today. We need to invest more in renewable technologies,
as was raised by several Members. The offshore wind sector deal
is a great example of that. The Government’s commitment to the
sector is underlined by the £92 billion of public and private
investment in renewables since 2010. We have just finished an
18-day coal-free run in our power supply...
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