London Councils has called on the government to ensure that post-Brexit development funding provides as much money as European Union streams.
Currently the capital is set to receive £160m up to 2020 for European Regional Development Fund projects that increase productivity and economic growth and £420m for the European Social Fund (ESF) project to increase employment and skills.
Clare Coghill, London Councils’ executive member for business, Europe and good growth, said: “It remains worryingly unclear how central government plans to replace European funding schemes post Brexit.
“A consultation on the new UK Shared Prosperity Fund, promised last year, has now been postponed.
“London boroughs will continue to support and empower local communities during the UK’s exit from the EU, but our resources are limited as we have sustained heavy funding reductions over the past decade.”
