Shared Prosperity Fund: Wales

Lord Watts Excerpts

Wednesday 4th December 2024 Lords Chamber

[Lord Khan of Burnley (Lab)]

My Lords, I politely disagree with the noble Baroness. The previous Government funded many local growth programmes, including the UK shared prosperity fund. However, they did not make adequate provision in the Budget to do so. This Government have been clear that they will take the difficult but responsible decisions to ensure we fix the foundations of our country’s finances and, more importantly, meet the commitment in our manifesto. From March 2026, we will work with our Welsh Government counterparts to ensure that the allocation of that money is decided by people in Wales.

[Lord Watts (Lab)]

My Lords, the previous Government announced a levelling up fund, but we saw a lot of words but no funding. Will this Government’s attempt to level up be more successful in getting more resources to the regions that need them?

[Lord Khan of Burnley (Lab)]

My noble friend raises an important point. Many aspects of levelling up did not work, not just in Wales but across the United Kingdom. The Government are having a transitional year, during which we will work with our Welsh Government counterparts to ensure what is best for local projects and local communities. As for the future, the answer is yes: we will ensure that the Welsh Government have enough time to plan and decide on structural funding so that they have the best ability to put the money into their local communities.