Ludford welcomes EU cash for London

12.00.00am UTC (GMT +0000) Wed 28th Feb 2001

London's Liberal Democrat Euro-MP, Baroness Sarah Ludford has welcomed a new influx of European funding for London. Speaking from Brussels she said:

"I am absolutely delighted that the European Commission have given this money to London. Funding such as this can and will make all the difference to vital regeneration programmes that are in progress across our region. So many people spend their time badmouthing the European Union that they forget the huge benefits that we get from being part of it.

Baroness Ludford added:

"This money is not given unconditionally - the funding must be matched, and London deserves to have it matched quickly. I sincerely hope that the Government do not try to cheat Londoners of the benefits of this money by delaying a pledge to match this new funding."

The European Commission has approved the regional development plan for London for the period 2000-2006 and the spending of two hundred and sixty million Euros (about one hundred and fifty million pounds) in financial support from the European Union. It concerns areas undergoing economic and social regeneration.

This European funding will attract a further four hundred and four million Euros in investment from the public and private sectors, so that the total spending will be six hundred and sixty four million Euros. This regional development programme aims to create around 10,000 new jobs and to safeguard more than 2,700 existing jobs.

Four areas of London are included in the regeneration programme's funding, covering a population of 853,000 people; Inner East London, the Upper Lee Valley and the East Thames Gateway in the east as well as Park Royal and Wembley in the west of London.