Financing fears for post-Brexit Cornwall

Cornwall Council has warned that it could lose out on ‘hundreds of millions of pounds’ in the event of a Brexit, despite government claims that lost EU funding would be covered.

Cornwall Council has estimated it would lose £350 million if the UK left the European Union and has pledged its support to the Local Government Association’s (LGA) campaign for all EU funds to be honoured.

Chancellor Phillip Hammond recently pledge to match EU cash for schemes up to 2020, but this only applies to contracts signed before the Autumn Statement, expected in November, which could arguably leave some schemes wanting.

Julian German, Cornwall’s cabinet member for economy and culture, said: “The limited guarantee for some schemes leaves Cornwall hundreds of millions of pounds short of what we were promised we would receive by MPs who backed the Brexit campaign.

“Major funding streams such as contracts for EU structural funds and European Maritime Fisheries projects beginning after the Autumn Statement have no guarantee of continuation at all. This simply isn’t good enough.”