The Mayor of London, Sadiq Khan, is calling on Government to make an urgent decision on how more than £600m of crucial funds that London receives from the European Union will be replaced in the aftermath of Brexit.
The Mayor will chair the first meeting of the London Economic Action Partnership (LEAP), which is responsible for delivering economic growth across the capital and ensuring that opportunities are open to all Londoners.
LEAP, London’s local enterprise partnership, oversees the investment of £600m from the European Structural and Investment Funds into skills, employment and enterprise initiatives across the capital. However, in the aftermath of Brexit, the future of this crucial funding is now in doubt.
At meeting at City Hall, the Mayor and LEAP board members, comprising representatives of London Councils and business leaders from across all the city’s main sectors, will call on the Government to make it clear how it will replace this funding and request that ministers devolve these replacements funds to London, so they can be used most effectively to boost the capital’s economic prosperity.
The Mayor of London, Sadiq Khan, said:
“Without this funding, many key schemes – which currently benefit Londoners and our economy – would simply not be possible. That’s why it’s so concerning that in the aftermath of Brexit, the future of this vital investment is now in doubt.
So I’m calling on the Government to make an urgent decision on how it will replace this investment and ensure the successor funding streams are devolved to London so that we can spend the money where it’s needed – delivering more opportunities for Londoners.
This is crucial because as we work to mitigate against the potential negative impacts of Brexit, these funding streams will form a part of a wider approach to devolution that will be pivotal to London’s industrial strategy and success over the decades ahead.”