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  1. ITV Report

Cornwall could lose £350 million of EU funding

Cornwall Council could lose £350 million of expected EU funding - despite government assurances over the weekend.

That's because the Chancellor's pledge to match EU cash for schemes up to 2020 only applies to contracts signed before the Autumn Statement, expected in November.

Credit: ITV News

Cornwall council's cabinet member for the Economy, Julian German, says only around a third of schemes in the county will be ready by then - meaning, he says, that the county could lose out on £350 million of funding.

The limited guarantee for some schemes leaves Cornwall hundreds of millions of pounds short of what we were promised we should receive by MPs who backed the Brexit campaign. This simply isn't good enough

– cllr Julian German

The Treasury, however, says arrangements on whether to guarantee funding for schemes signed after the Autumn Statement will be announced in due course.

Credit: ITV News