UK overseas territories at risk of losing funding after Brexit

Sep 13 2017 16:00
Robert Hutton

London - UK Prime Minister Theresa May’s government has been asked to match the European Union funding that UK overseas territories - some of them reeling this week from hurricane damage - stand to lose after Brexit.

The House of Lords EU committee said that money from the European Development Fund accounted for 36% of Anguilla’s capital budget in 2016. The island has just been devastated by Hurricane Irma.

The 13 British overseas territories, remnants of Britain’s empire, will lose access to the fund when the UK departs the EU and their status means they don’t qualify for British overseas aid money. The committee has written to Brexit Secretary David Davis, requesting assurances.

“Some of the islands devastated by Hurricane Irma rely heavily on EU money,” Michael Jay, acting chairman of the committee, said in a statement.

“We are asking David Davis whether the government is prepared to continue making contributions to the EU budget after Brexit to ensure EDF funding is not lost.”

SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

eu  |  uk  |  brexit  |  economy



Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Are you participating in #BackFriday sales?

Previous results · Suggest a vote