The government has confirmed how much money Cornwall will get to replace EU funding.

The Department for Levelling Up, Housing and Communities revealed that Cornwall and the Isles of Scilly will receive £132million to help coastal communities.

The UK Shared Prosperity Fund (UKSPF) replaces EU Structural and Investment Funds.

Responding to the announcement today, Cornwall Council leader Linda Taylor, who is also chair of the Cornwall and Isles of Scilly Leadership Board, said: “The government has confirmed today that Cornwall and the Isles of Scilly will receive £132million from the £2.6billion UK Shared Prosperity Fund over the next three years [2022 to 2025].

“We welcome this significant allocation as part of securing additional powers, and even more investment for Cornwall through an ambitious County Deal later this year.

“The Shared Prosperity Fund will enable the Council to start delivering on the ambitions set out in the suite of housing, transport and sustainable growth plans that comprise Prosperous Cornwall 2050 agreed at Council earlier this week (Tuesday).”

Local areas will be able to decide how to spend the funding based on their own priorities.

Minister for Levelling Up Neil O’Brien MP said: “The UKSPF will allow local leaders and communities in Cornwall and the Isles of Scilly to directly tackle the issues affecting their local area, whether that’s access to more opportunities or high street regeneration.

“This new and innovative approach to empowering local communities is a key part of our levelling up agenda, now unshackled by previous EU restrictions.

“I look forward work closely with local leaders in Cornwall and the Isles of Scilly to see the creative, ambitious choices that communities make as they level up and take charge of their destinies.”

The money is addition to other levelling up funding, including the Levelling Up Fund.

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The UKSPF will be increased from £400 million in 2022/23 to £1.5 billion in 2024/25.

The government has stated: "In England each LEP region will receive the same in real terms as it used to under EU funding, and within each LEP an index of need will be used to allocate funding to each local authority.

"Scotland and Wales will receive the same in real terms as they used to under EU funding, and an index of need will be used to allocate to authorities and regions within Scotland and Wales.

"Based on consultation with local government and the Scottish and Welsh government these indexes will be bespoke to their local situations. Northern Ireland will receive a single allocation and will draw up a single investment plan for all of Northern Ireland."