European Structural and Investment Funds

Lord Wigley Excerpts

Tuesday 12th December 2017 Lords Chamber

[Lord Henley]

My Lords, again the noble Lord will not expect me to give any specific guarantees at this stage. He knows why we have introduced the shared prosperity fund and that we also have the Industrial Strategy White Paper. In that White Paper, we refer to the inequalities between the regions, particularly in relation to productivity but also in other respects. It seems to me obvious, therefore, that we would want to devote the shared prosperity fund—the name of which gives some indication of what it is supposed to do—to doing just that.

[Lord Wigley (PC)]

My Lords, the Minister will be aware that Wales has been a significant beneficiary of these funds over the past 17 years. The Government have given an undertaking that they will replace money lost from European sources if we suffer Brexit. Will the Minister enlighten the House as to the criteria that will be used to ensure that the money goes to those areas that need it most?

[Lord Henley]

My Lords, the way that the Welsh voted in the referendum probably gives some indication of what they think we are likely to do with things such as the shared prosperity fund. The Welsh have considerable faith in how this Conservative Government will direct resources from the fund. Again, the noble Lord will not expect me to give any guarantees at this stage.