Shared Prosperity Fund

Jim Shannon Excerpts

Tuesday 14th May 2019 Westminster Hall

[Jim Shannon (Strangford) (DUP)]

I congratulate the hon. Member for Barnsley Central (Dan Jarvis) on bringing this issue to the Chamber. I am sure that I am not the only one who longs for a prosperous UK. I, alongside 17.4 million others, believe that that means a UK outside the EU. The vote must be respected and if integrity, honesty and simple human decency have anything to do with it, we will leave.

To replace the EU structural fund, which is reputedly worth £2.4 billion annually, we must continue to reduce inequalities between communities. There must be wise consideration to decide how the UK shared prosperity fund will be formed and distributed. In the past, that was done by identifying the priorities and objectives, the amount of money to be allocated, the method of allocation between countries and regions of the UK—the hon. Member for Barnsley Central said that the fund should be driven regionally, which is correct—the model by which funding will be allocated, whether pre-allocating an amount for a country or region or inviting competitive bids from across the UK, the length of the planning period, and deciding who administers the funds and whether they are controlled from Westminster or by the devolved Administrations. Clearly, neither should be involved; it should be done by devolved authorities or local councils depending on the issue.

It is time for me to put my spoke in. I firmly believe that the fund must be administered at a regional level and, at the very least, to the same level of support as before. Brexit was not an attempt to save a single penny but to manage every penny to greatest effect. That is what we must try to do in the short time available.

The European structural investment fund consisted of four moneys coming from the EU: the European regional development fund, the European social fund, the European maritime and fisheries fund and the European agricultural fund for rural development. Of those, the ERDF and ESF account for over 60% of ESI funding over the programming period of 2014 to 2020—they are very important to my constituency of Strangford.

Strangford, through the fisheries fund and others, has certainly seen improvements to businesses and communities that would be left to languish were money distributed per capita. Although we received only 10% of EMFF money for Northern Ireland for our fleets and communities, clearly that level of support must continue at the very least.

Simply put, our fishing community, including suppliers, producers and all the rest, could not make the needed improvements to fleets or diversification in the communities to help sustainability without the fund. I believe that the same level of money must be delivered, and I stand today to speak for the communities who rely on the fund.

We need a regional hands-on approach that helps those in need to continue or enhance what they are already doing. That opportunity must be seized so that local people can make local decisions and local differences with their own funding. It is time to get the fund in place and make it accessible to those who can use it for business that will impact the local economy in the local community.