Published: 13th Jul 2020

Cornwall is likely to lose many millions of pounds of funding per year when regional regeneration funding is rationalised after Brexit, according to a new study. The study by the Institute for Fiscal Studies (IFS) warns that Cornwall currently receives over seven times as much per person per year (€144) as Lincolnshire (€20) and South Yorkshire (€18), under the current regeneration funding arrangements. According to the IFS, this is because arbitrary EU rules mean much more funding is given to areas with economic output per person just below 75% of the EU average than to areas just above this threshold. A more rational scheme would see Cornwall lose in the long term unless overall regional development funding is very substantially increased. The UK Shared Prosperity Fund is due to replace various EU regeneration funding streams after Brexit. The fund was first announced by the Conservatives in their 2017 general election … (To read the full article, subscribe below)