What assessment has the Welsh Government made as to the number of projects in Mid and West Wales that have had to cease operation or be wound down as a result of funding gaps during the transition from EU structural funding to the UK shared prosperity fund programme?
In total 47 projects led by organisations in Mid and West Wales (Ceredigion, Powys, Pembrokeshire and Carmarthenshire) were funded through the 2014-2020 EU Structural Funds programmes. Mid and West Wales has also benefited from a range of EU-funded national and regional projects in areas such as business support and skills.
Due to the delays in the implementation of the Shared Prosperity Fund (SPF), it is not yet clear what support SPF funding will provide in Wales.
The UK Government was due to approve regional investment plans for the SPF and start payments in October, however plans were not approved until 5 December and funding is still in the process of being released to local authorities.
The SPF makes £1.1bn less available to Wales compared to EU Structural and Rural funds so the funding pot itself is vastly smaller than previously.
The UK Government’s design of the SPF prevents national projects being supported due to the funding being channelled solely via local authorities.
In addition, unlike EU programmes, the Fund will not be able to support strategic projects given that only around 18 months of delivery is expected prior to the closure of the SPF in March 2025.