Cornwall could still lose out on £350 million of EU funding or replacement payments from central government following June's EU referendum, according to the cabinet member responsible for the county's economy.

Julian German, Cornwall Council’s cabinet member for economy and culture, has said a statement by new Chancellor Philip Hammond does not go far enough to guarantee funding which would have come to Cornwall if the UK had voted to remain part of the European Union - a key promise of Brexit campaigners.

He said: “Following the Chancellor’s statement on European funding, I estimate that Cornwall and the Isles of Scilly could lose out on £350m of funding that would have helped our residents and local businesses.

“The limited guarantee for some schemes leaves Cornwall hundreds of millions of pounds short of what we were promised we would receive by MPs who backed the Brexit campaign. Major funding streams such as contracts for EU structural funds and European Maritime Fisheries projects beginning after the Autumn Statement have no guarantee of continuation at all. This simply isn’t good enough.

“Cornwall Council is supporting the Local Government Association’s campaign for all EU funds to be honoured. With the continuing reduction in our funding from the government, EU funding, or its replacement, is vital to support economic regeneration, helping individuals to gain new skills and businesses to create well paid jobs.

“Unlike UK funding streams, EU funding has been allocated according to need. This is a really important point for government to remember and Cornwall Council will keep advocating for resource which is focused on closing the economic and skills gap between Cornwall and the rest of the UK.

“We will work hard with our MPs and partners to try and secure the funding that will otherwise be lost to the residents and businesses of Cornwall. Cornwall Council will also be working closely with government to ensure that as many projects as possible are contracted before the Autumn Statement deadline."

In a speech on Saturday, Mr Hammond said British businesses and universities should continue to bid for competitive EU funds "while the UK remains a member of the EU," but was criticised for saying any applications received after the Autumn Statement may not be guaranteed by the treasury, essentially creating a deadline.

The government has also been criticised for its failure to guarantee any funding past 2020 for programmes such as agriculture, the environment, or university research, which has already created uncertainty and reportedly caused UK institutions to lose out on collaborative partnerships.

And it has faced renewed questions, including from Liberal Democrat leader Tim Farron, over the £350 million a week which was promised to the NHS by the Leave campaign.