European Structural and Investment Funds
Debate between Baroness Pinnock and Lord Henley(7 years, 10 months ago)
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Baroness Pinnock (LD)
My Lords, I beg leave to ask the Question standing in my name on the Order Paper. In doing so, I draw Members’ attention to my relevant interests in the register.
The Parliamentary Under-Secretary of State, Department for Business, Energy and Industrial Strategy (Lord Henley) (Con)
My Lords, over 50% of the United Kingdom’s structural fund allocation supports businesses, infrastructure and infrastructure development. Under the proposed financial settlement with the EU, the UK will retain its full funding allocation for 2014-2020 structural funds, and will continue to benefit from structural fund programmes until their closure. In the longer term, the United Kingdom shared prosperity fund will be introduced domestically to reduce inequalities and raise productivity in line with the industrial strategy.
Baroness Pinnock
I thank the Minister for his response. As he will be aware, the structural fund supports the poorer regions of our country. I draw his attention to Cornwall, where one of the programmes is a £10 million fund to support small business growth, which is vital for Cornwall. That will end in 2020, if we leave the EU. Will the Minister make a commitment that the funding promised in the Conservative Party manifesto, to which he has just referred, will provide the same level of funding for such programmes after 2020?
Lord Henley
My Lords, the noble Baroness will not expect me to give commitments of that sort, but she will know that the shared prosperity fund will aim to improve the United Kingdom’s productivity and reduce economic inequalities across the entire United Kingdom. Therefore, some of it will presumably be directed at Cornwall. The important matter that the noble Baroness should be aware of is the fresh opportunity to spend money according to our own priorities rather than those set by the EU. I think that even the noble Baroness would agree with that.