The Department for Business, Innovation and Skills has released the details of how EU aid will be redistributed. Wales will end up with nearly twice as much money as Scotland and Northern Ireland combined.
- Wales gets a total allocation of around €2.145 billion. This is €375million more than Wales would receive under the EU formula for allocation of funds to the UK.
- Scotland gets around €795 million, €228 million more than under the EU formula.
- Northern Ireland gets around €457 million, €181 million more than under the EU formula.
- England gets €6.174 billion, €784 million less than under the EU formula.
The UK government has decided to re-allocate EU Structural Funds to minimise the impact of sudden and significant cutbacks in Northern Ireland, Scotland and Wales. EU Structural Funds are important for supporting economic activity. The EU formula would have seen several areas in most need of funds lose out, so we have taken the decision to correct that. It is important that these areas use this funding to help deliver strong, sustainable growth and assist in rebalancing the economy.
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