Half-a-billion growth fund replaces EU cash

AND WELSH GOVERNMENT WILL DECIDE HOW IT’S ALL SPENT

- Owen Hughes Chief Reporter [e-mail]

Welsh minister Jo Stevens, left, and First Minister Eluned Morgan, in discussion with Prime Minister Sir Keir Starmer

THE UK Government has announced a £500m growth fund for Wales.

The Local Growth Fund replaces money that used to come from the European Union. It will see half-a-billion pounds invested over three years - starting in April 2026.

In contrast to levelling-up money under the previous government, the powers to allocate cash from the fund will lie in Wales rather then England.

The government said this honoured a manifesto commitment to restore decision-making to the country on money that previously came from the EU.

The Welsh and UK governments have agreed a framework that will set priorities and processes for allocating the funds, with a delivery plan developed and led by the Welsh Government.