The government did not announce any new information about its planned Shared Prosperity Fund despite repeated requests during a parliamentary debate this month.
The UK Shared Prosperity Fund will replace existing European funding streams following the UK’s exit from the European Union.
If the UK had remained an EU member, the Local London sub-region would have been eligible for greater levels of funding because our average GDP – which the EU use to calculate regional allocations has decreased.
The Government has promised a consultation on the issue, and we will be working hard to ensure the Local London case is made.
We have written to Jake Berry MP – the Minister for Growth – to seek assurances around a likely consultation timetable.