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Gloucestershire Business News

Government cash boost to poorer towns after Brexit

A £1.6bn government fund has been set up to boost less well-off towns in England after Brexit.

The pot is split into £1bn which will be distributed using a needs-based formula, and £600m which communities can bid for, as reported by the BBC.

More than half of the money will go to the north of England and the Midlands. The South West will be awarded the second lowest amount, at £33m. Only the East of England will get less at £25m. Even the South East has been awarded more at £37m. The biggest winner is the North West, which stands to receive £281m

Labour is calling it a bribe to influence MPs to back the Prime Minister's Brexit deal, while critics say it doesn't even cover cuts to local authority funding.

But James Brokenshire, housing and communities secretary, has the funding will be made available even if the withdrawal agreement is rejected.

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