Part of the debate – in the Senedd at 3:28 pm on 28 March 2017.
David Rowlands
UKIP
3:28,
28 March 2017
But perhaps we had better put the European funding into perspective. Again, in a response to this report, the Government states that we get just £370 million per annum across all EU funding arrangements. This pales into insignificance when compared to UK funding, even under the flawed Barnett formula, which sees Wales benefit to the sum of over £14 billion per year. This means that the UK Government only has to increase its allowance to Wales by just 2.6 per cent to sustain the whole of the European funding, or, put another way, 0.01 per cent of UK GDP, or, put another way, 2.7 per cent of UK net payment into the EU every year. I think we can safely predict that Wales will not miss out on one penny piece of the equivalent so-called EU funding. And shall we get a good Brexit? Absolutely, unless the remoaners keep undermining the massively strong position the UK has going into the Brexit negotiations.
An economic mechanism used by the Treasury to adjust automatically the amounts of public expenditure allocated to Northern Ireland, Scotland and Wales, to reflect changes in spending levels allocated to public services in England, England and Wales or Great Britain as a whole.