Plaid Cymru Shadow Minister for Economy and Finance Rhun ap Iorwerth has said the UK Government’s Shared Prosperity Fund (SPF) plans demonstrate the true Brexit Reality to the people of Wales, as new figures showed Brexit would cost Welsh constituents more than £700 each over six years.
Analysis by the Communities in Charge organisation shows that Wales would stand to lose £2.3bn over six years under the UK Government’s current SPF plans compared to current funding received from the European Union’s Structural Funds Programme.
Speaking in a Plaid Cymru Debate on Shared Prosperity Fund this week in the Assembly, Mr ap Iorwerth outlined how it increases inequalities and is damaging for the people of Wales.
The Plaid Cymru AM for Ynys Môn said:
“The evidence now is clear. The risk is clear that Whitehall will just repeat its traditional formula of distribution of economic development funding. And look at what the figures published yesterday by the Communities in Charge organisation tell us about what that would mean.
“One of the campaign’s organisers said it will be like handing every Londoner a cheque for over £200 and taking £700 from every Welsh person. Wales could lose over £2.3 billion over six years, with money flowing to the prosperous south-east of England.
“Now, rather than reduce inequalities, a business-as-usual UK Government would only increase the inequality between the regions of the UK and the nations of the UK. This is the Brexit reality, this is what faces Wales, and that’s without taking into account the damage that would flow from the economic disaster of a ‘no deal’ Brexit.”