Oral Answers to Questions

Chi Onwurah Excerpts

Thursday 28th February 2019 Commons Chamber

[Kwasi Kwarteng]

My hon. Friend, and I think everyone across this House who has an elementary grasp of arithmetic, will know that for every €20 that we put into the EU pot we got €10 back, so we were a net contributor. We were the second biggest net contributor, and the logic of that is that we can more than compensate for the loss of EU funding across our communities. The UK Shared Prosperity Fund will go some way to meeting those concerns.

[Chi Onwurah (Newcastle upon Tyne Central) (Lab)]

Anyone with an elementary grasp of arithmetic can also read the latest studies showing that, had the United Kingdom being staying in the European Union, we would have received far more in regional development funding because of the increase in regional disparities under this Government’s austerity for the past 10 years. Will the Minister tell me that the Shared Prosperity Fund, of which we have no details with only 30 days to go to Brexit, will match the increased funding that we would have had from the European Union?

[Kwasi Kwarteng]

The point I was trying to make was that we as a country were a net contributor. We were the second biggest net contributor in the system that redistributed those funds. There is no doubt that the UK Shared Prosperity Fund can more than match EU funds. The details of that, as the hon. Lady well knows, will be discussed as we leave the EU on 29 March.