Gateshead council bosses have agreed plans to secure £11.6m in public funds from the new UK Shared Prosperity Fund, a post-Brexit £2.6bn pot for local authorities across the Kingdom UK in order to access to replace EU funding streams which end in 2023.

The cabinet of the local authority committed Tuesday morning to submit an investment plan to the Department of Planning, Housing and Communities (DLUHC) in order to collect its financial allocation.

Labor adviser Gary Haley warned: ‘We have to accept this, I don’t want to be depressing about this, but let’s put this into perspective. It is the Brexit dividend that is distributed to local authorities.

“Over seven years, the seven local authorities in the North East have received £498m from the EU, or £113 over three years unless there are big changes in the following four years , it looks very good that we are going to receive less than half of what we got from the EU.

“£11million for Gateshead council over three years, with £600,000 for capital, that’s a drop in the bucket.”

Post-Brexit funding ‘drop in the ocean’ as Gateshead set to boost cash by £11m

Gateshead council bosses have agreed plans to secure £11.6m in public funds from the new UK Shared Prosperity Fund, a post-Brexit £2.6bn pot for local authorities across the Kingdom UK in order to access to replace EU funding streams which end in 2023.

The cabinet of the local authority committed Tuesday morning to submit an investment plan to the Department of Planning, Housing and Communities (DLUHC) in order to collect its financial allocation.

Labor adviser Gary Haley warned: ‘We have to accept this, I don’t want to be depressing about this, but let’s put this into perspective. It is the Brexit dividend that is distributed to local authorities.

“Over seven years, the seven local authorities in the North East have received £498m from the EU, or £113 over three years unless there are big changes in the following four years , it looks very good that we are going to receive less than half of what we got from the EU.

“£11million for Gateshead council over three years, with £600,000 for capital, that’s a drop in the ocean.”