Extra funding for EU member states to develop their economies, secured as of the European Union’s budget plans for 2011, has been welcomed by Welsh Labour MEP, Derek Vaughan.
An increase of 14.7% in the sustainable growth budget heading which includes structural funds and research funding has been awarded to help countries face up to the recent economic downturn and to equip businesses, workforces and communities as the situation improves. The announcement was made in the European Parliament in Brusselsearlier today by European Commissioner Janusz Lewandowski.
DEREK VAUGHAN MEP, who sits on the European Parliament’s Committee on Budgets, said:
"Coming at such a difficult time, this is excellent news that will enable significant investment to be made in research, education and training – key areas that will provide the bedrock for the economic recovery.
Discussions will now take place in how the extra money will be distributed. Funding will be made available to individuals to re-skill and find new employment and to businesses who need support to innovate and become more competitive in the global marketplace.
It will put the creation of jobs and the regeneration of hard hit economies top of the agenda and gives EU members, including the UK, more tools to forge ahead and emerge stronger and more confident from the recession."