An investigation of Treasury funding suggests differences in the way the UK allocates development funding compared to the EU would mean poorer regions of the UK losing out on money to regions like London and the South East. For example, Wales could lose over £2.3 billion over six years.
Commenting, Anna McMorrin, Labour MP for Cardiff North and leading supporter of the People’s Vote campaign, said:
“These jaw-dropping figures are a stark warning about the future facing Wales and the poorest parts of the UK after Brexit.
“Wales is one of the biggest beneficiaries of EU structural funds and I’ve seen first-hand the difference that money can make. Losing it would be a bitter blow to communities that are already struggling, and the idea that the UK government could take that away to more prosperous areas instead is a real slap in the face to the people of Wales.
“No-one in Wales voted for a Brexit future that sees the country receive over £2 billion less in much-needed funding. And if we crash out with No Deal and our businesses face WTO terms – the worst trading terms in the world – things will be far, far worse.
“The people of Wales and the rest of the UK must be given the final say so they can decide for themselves whether or not to go ahead. A People’s Vote on Brexit is now the only way to deliver a lasting and stable settlement.”
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