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Cymru headed for austerity after EU funds loss, says Economy Minister

Vaughan Gething (Image: Welsh Parliament) Senedd (Image: Gwalia)

Economy Minister Vaughan Gething has said that Cymru is headed toward austerity after having lost £375m a year in EU economic aid.

Lost EU funding is set to be replaced by the UK-wide Shared Prosperity Fund— but the UK government is yet to outline how the scheme will work.

Speaking to the Financial Times, Gething said that “The Welsh government has to look at the reduced sum of money and make our budgets balance.”

He said: “The chancellor said there won’t be a return to austerity. Actually, if money disappears [...] you could find yourselves having to make choices that look very similar to the choices I was having to make as a minister when austerity was at its height.”

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