The North East is set to receive more than £150m from the Government's post-Brexit 'shared prosperity fund', it has been announced.
Levelling Up Secretary Michael Gove has said the cash, which nationally amounts to £2.5bn over the next three years, will “help spread opportunity and level up the country”. But there are accusations that the North has been short-changed by the fund, which replaces money previously awarded by the European Union.
During its EU membership, the UK received an average of £1.5bn a year in structural funds between 2014-2020 from Brussels. But the replacement SPF will only be worth around £400m this year, £700m next year and will only hit the previous level of £1.5bn in 2025.
