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Disappointment over ‘derisory’ UK Shared Prosperity Fund

Welsh finance minister accuses UK government of bypassing devolved administration

The UK government’s plans for a UK Shared Prosperity Fund, which is intended to replace money from European Union structural and investment funds, have received a cold response from the devolved administrations.

The chancellor Rishi Sunak said in his spending review on 25 November that the funding would “at least match EU receipts, on average, reaching around £1.5 billion a year”, but only £220 million is earmarked for 2021-22 pilot programmes before the fund is finalised.

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