Business Minister Michael Fallon said:
This funding is a real boost for local growth. The funds have been allocated in a fair way that supports disadvantaged parts of the UK and for the first time we are putting local areas, via their Local Enterprise Partnership, in the driving seat giving them the power to decide how the funds are best targeted.
We have also dramatically reduced the element retained by government for central programmes from around 50 per cent to under 5 per cent so that maximum funds go to local areas. We are reversing years of centralisation by handing LEPs responsibility for this funding, alongside the new £2 billion a year Single Local Growth Fund. This is a positive step towards giving local areas greater control.
The full list of allocations are included in the Written Ministerial Statement and further details on European funding is available at ‘Making European funding work better for the UK economy.