European Structural and Investment Funds

Lord Watts Excerpts

Tuesday 12th December 2017 Lords Chamber

[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.

[Lord Watts (Lab)]

My Lords, the Minister will be aware that in the past Conservative Governments have reduced funding to areas that have been in receipt of structural funds. Can he guarantee that in any new scheme there will be no reduction this time and it will be additional? Those reductions are one of the reasons our regions are not as prosperous as they should be.

[Lord Henley]

My Lords, again the noble Lord will not expect me to give any specific guarantees at this stage. He knows why we have introduced the shared prosperity fund and that we also have the Industrial Strategy White Paper. In that White Paper, we refer to the inequalities between the regions, particularly in relation to productivity but also in other respects. It seems to me obvious, therefore, that we would want to devote the shared prosperity fund—the name of which gives some indication of what it is supposed to do—to doing just that.