Nottingham could lose £50m in funding due to Britain voting to leave the European Union.
D2N2, designed to boost the economy and create 55,000 new jobs in Nottinghamshire and Derbyshire by 2023, is at risk of losing nearly £200m of European funding.
This is according to Nottingham city council leader (Lab) Councillor Jon Collins who wrote a letter to government minister Greg Clark expressing concerns about the cuts that may come to Nottingham.
Projects in Nottingham that have benefited from the funds at risk include the redevelopments of Old Market Square, Sneinton Market and Nottingham Contemporary.
Our projects are important for growing our citites’ economies
In the letter, Mr Collins wrote: “Because of years of funding restrictions from our Governments, European money provides one of the last remaining sources of finance for these vital projects.
“I would urge the UK Government to maintain the European Structural and Investment Funds (ESIF) programmes during the negotiation periods and up until the point at which the UK formally leaves the EU.
“This would be so that the pipeline of projects that are important for growing our cities’ economies and improving the skills and employment prospects of our citizens is delivered.”
We take back control of money we give to the EU
Speaking to Notts TV before the referendum in April, Michael Gove told Notts TV that more money will be available through leaving the European Union.
He said: “If we leave we take back control of money we give to the EU every week – that’s £350m a week.
“By leaving, the country would be able to cut new trade deals with other countries (which the EU membership prevents from doing so).
“It would help to contribute to a better quality of life and more jobs.”
