Councillor Ganotis said ‘Real uncertainty has been caused by the referendum result and guarantees are needed both about £320 million earmarked for Greater Manchester between now and 2020 and future support for Stockport.
‘EU funding is designed to reduce poverty and boost growth, so as part of upcoming negotiations with continental counterparts Theresa May needs to ensure that the UK holds onto money which has already been promised for local projects.
‘It is vital both that this funding isn’t clawed back following Brexit, and also in the medium-term that the UK government puts together a comprehensive plan to help share growth across the country and back the development which EU funding has historically supported.’
Before the referendum Greater Manchester was expected to receive around £176m from the European Regional Development Fund and £145m from the European Social Fund up to 2020. This investment was to be match-funded by non-EU money to create an overall GM-wide programme approaching £650m in value.
Councillor Ganotis added ‘These figures show the significant challenge ahead to make sure that EU funding which Stockport will now lose out on is replaced by investment from central Government.
‘The long awaited rebalancing of the economy needs to now be even more of a priority, and I will keep banging the drum for Stockport to keep the Government focused on working with the Council and local businesses to create more and better jobs in the borough.’
The UK is currently scheduled to receive European Structural and Investment funding from the EU worth around £8.6 billion between 2014 and 2020. The Greater Manchester Region is the fifth largest recipient in the UK of European money.
Britain voted 52% to 48% in a referendum on Thursday 23rd June to leave the European Union.