The Prime Minister says the cut in European regional aid to Wales will be limited to 5%, which suggests that west Wales and the valleys will get about £75 million less over the next seven years than in the last seven years. The Welsh Government had feared a £400 million cut.
David Cameron agreed a deal in Brussels that cut the EU budget. But for the first time, there will be some European aid for all areas, with member states able to move the money around. The Prime Minister has now told the First Minister that he will use this to limit the impact on Wales.
Wales stands to receive an allocation of around 2.145 billion euros for the period 2014-2020, a significant uplift of the 375 million euros compared to the amount it would receive under the EU formula.
This decision will provide Wales the funds it needs to help deliver strong, sustainable growth and I hope it will carry your support.
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