Shared Prosperity Fund: Wales
Debate between Lord Evans of Rainow and Lord Khan of Burnley(2 weeks, 5 days ago)
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Lord Khan of Burnley (Lab)
I understand the noble Baroness’s point. However, we have to recognise that there were no plans from the previous Government for the funding going to the devolved Governments. We have brought in a transitional year to prepare for post March 2026. All these conversations are yet to be had. I cannot make any particular comment on them, but I will come back to the noble Baroness once we finalise our proposals for after March 2026.
Lord Evans of Rainow (Con)
My Lords, can the Minister give a definition of shared prosperity? Can he enlighten the House on what role private sector business will have in that shared prosperity in Wales?
Lord Khan of Burnley (Lab)
I thank the noble Lord. As I said to the noble Baroness, Lady Smith, we are having discussions with all counterparts. However, it is important to recognise that people in Wales will have a huge say on how that money will be invested in terms of local growth, businesses and working together in partnership.