Gateshead council fears local businesses and economy may lose out with new government funding.
A report delivered to councillors examined central government's replacement funds for EU investment. The government will replace EU funding models such as the European Structural Investment Funds and European Social Funds with the UK Shared Prosperity Fund (UKSPF) and the Levelling Up Fund (LUF).
EU funding is allocated according to the relative requirements of the different nations within the UK. Traditionally, the North East received a large share of EU funding, from 2014 to 2020 the region was allocated £430m. However, EU funds are due to end in June 2023.
