Thank you for contacting me about European Structural and Investment Funds.
As you will be aware, the United Kingdom left the European Union on 31 January 2020 and the transition period ended on 31 December 2020.
Although the UK has left the EU and the transition period has ended, European Structural and Investment Funds are continuing to provide financial support for UK projects until the end of 2023. This is because funding is provided for the duration of a project’s lifetime rather than ending at the point of the UK’s exit from the EU.
The UK Shared Prosperity Fund succeeds EU Structural Funds, worth £2.6 billion between 2022-23 and 2024-25. The fund will help people access new opportunities in places of need, fostering pride in place and increasing life chances across the UK. Funding will rise to £1.5 billion a year by 2024-25. Alongside commitments to support regional finance funds across the UK via the British Business Bank, this upholds the Government’s manifesto commitment to “at a minimum match the size of [European Structural] funds in each nation”.
Thank you again for taking the time to contact me.