23.8 C
New York
Wednesday, July 6, 2022

British PM May promises 1.6 billion pound fund for Brexit-backing towns

British PM May promises 1.6 billion pound fund for Brexit-backing townsBritish PM May promises 1.6 billion pound fund for Brexit-backing towns

LONDON (Reuters) – British Prime Minister Theresa May will on Monday set out plans for a 1.6 billion pound ($2.11 billion) fund to help to boost economic growth in Brexit-supporting communities, particularly in the north of England.

The “Stronger Towns Fund”, details of which appeared in newspapers last month, is seen by many as part of May’s efforts to win support for her Brexit deal from opposition Labour lawmakers who represent areas that voted strongly in favor of leaving the European Union.

Britain is due to leave the bloc at the end of the month and May, whose exit deal with Brussels was rejected by a large majority of lawmakers in January, has promised parliament will get to vote on a revised deal by March 12.

The government said the fund would be targeted at places that had not shared fairly in the country’s prosperity and would be used to create new jobs, help to train people and boost economic activity.

“Communities across the country voted for Brexit as an expression of their desire to see change; that must be a change for the better, with more opportunity and greater control,” May said in a statement.

“These towns have a glorious heritage, huge potential and, with the right help, a bright future ahead of them.”

The opposition Labour Party’s finance spokesman, John McDonnell, said the fund was “Brexit bribery”.

“This towns fund smacks of desperation from a government reduced to bribing Members of Parliament to vote for their damaging flagship Brexit legislation,” he said in a statement.

One billion pounds has already been allocated, with more than half going to towns across the north of England. A further 600 million pounds will be available for communities around the country to bid for, the government said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,295FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles