Fears Wales could lose £1billion funding if EU budget proposals go ahead
WALES could lose £1 billion in EU funding if current budget proposals go ahead.
Deputy Minister for European Programmes Alun Davies told the National Assembly's Enterprise and Business Committee that proposed cuts and changes to the formula for calculating the distribution funds could potentially lead the loss for structural funds and the Common Agricultural Policy (CAP) in Wales.
Under the current seven-year round of Structural Funds, which is due to end later this year, Wales has benefited from £1.8 billion of EU funding, generating £3.8 billion of total investment for the Welsh economy.
The proposals, discussed at a special EU budget meeting last November, would see some of the EU's poorest regions, like West Wales and the Valleys, face significant cuts in Structural Funds allocations, while wealthier regions could see significant increases.
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He said: "We recognise that the EU is facing significant budget pressures, but we are understandably concerned about these proposals, given that EU funds are critical to Wales in addressing the economic challenges we face and supporting a significant programme of change for Welsh agriculture."