Shared Prosperity Fund plans could hit Welsh universities

Cardiff vice-chancellor Colin Riordan says proposed replacement for EU cash risks ‘serious consequences’ for universities

Welsh universities could lose out on tens of millions of funding each year under plans for a UK Shared Prosperity Fund announced at the comprehensive spending review, the vice-chancellor of Cardiff University has warned.

Announcing the fund on 25 November, which is set to replace European Union structural and investment funds after Brexit, chancellor Rishi Sunak pledged on 25 November that SPF—which is set to replace European Union regional funding post-Brexit—would “at least match EU receipts, on average, reaching around £1.5 billion a year”.