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Norfolk could get £8m of EU cash over 10 years - despite Brexit

PUBLISHED: 17:02 06 July 2018 | UPDATED: 17:03 06 July 2018

File photo of EU and UK flags. Photo: Stefan Rousseau/PA Wire

File photo of EU and UK flags. Photo: Stefan Rousseau/PA Wire

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Norfolk firms could benefit from a share of £8m of European Union cash over the next decade, despite Brexit, under county council plans.

The European Regional Development Fund could support the low carbon growth of technology companies, if Norfolk County Council submits a bid before Brexit takes place next year.

Council Leader Councillor Andrew Proctor said: “We want to help technology companies to grow and if we can do this with EU money which we are entitled to, it’s even better.”

The council is proposing to bid to the Government’s Department for Housing, Communities and Local Government for £8 million from the European Regional Redevelopment Fund.

If successful, the county council would lead a regional low carbon investment fund from 2019-29, covering the New Anglia, Hertfordshire and Cambridgeshire and Peterborough local enterprise partnership areas.

It is estimated that the £8m could generate a further £19m of private investment, to help a total of 33 growing technology businesses.

A report to the council’s policy and resources committee says: “Norfolk County Council would lead the new project, providing oversight and strategic direction and working in close collaboration with UEA”.

UEA have delivered a successful Low Carbon Investment Fund since 2010 and the proposed collaboration would enable the creation of a new fund to 2029.

It is proposed that the fund would be managed by a holding company set up by the county council and UEA.

The policy and resources committee will consider the report when it meets at 10am on Monday, 16th July.

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