The government has ordered regional development agencies to halt further grants to projects seeking to access £2.7bn of European funding, the body representing England's regional development agencies said today.
The directive, issued by the Treasury on Monday, covers the £2.3bn European Regional Development Fund (ERDF) and Regional Competitiveness and Employment programme, which are in place across the whole of England outside Cornwall.
It also covers Cornwall’s access to the ERDF Convergence Fund, a £384m funding stream reserved for areas with a GDP of less than 75% of the EU average, a spokesman for South West Regional Development Agency (Swerda) said.
The delivery of both ERDF funding streams is managed by the RDAs.
The funding covers the period 2007-2013, meaning up to 50% of grants have already been accessed.
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