Back
News

Cornish towns count cost of Brexit vote

Cornish towns are concerned that post-Brexit funding will mean far less money for redevelopment projects.

Projects such as the redevelopment of a 120-year-old pier in Falmouth harbour look likely to to be abandoned as the details of the UK Shared Prosperity Fund slowly emerge.

Previously, Cornwall received around £100m a year from the £1.5bn EU structural funds spent in the UK.

The prosperity fund is due to be launched next month. The government promises it will, over time, match the EU funds, but this year it will be worth just £400m, and £700m for 2023-24.

Cornwall voted overwhelmingly to leave the EU in the 2016 Brexit vote.

The FT (£)

Up next…