Regional funding Flashcards
What is Horizen 2020
It allocates money to research projects all over the EU
Why does the EU offer structural funding?
To even out economic disparity
What region receive regional funding?
Regions with a GDP less than75% of the EU average
EU structural funding to Wales
The EU is providing £1.8bn to Wales between 2014 and 2016
How much is structural fund in budget?
£40bn annual structural fund budget, which aimed to narrow poverty gap
What did the Court of Auditors criticise?
The Court of Auditor, the official boy which inspects the EU’s finances, has raised concerns about the spending of structural funds
Example of failing projects
• Road building
Out of 24 road schemes audited, only 7 were built at the original contract price. In almost half, the cost overran by at least a fifth.
How much does the UK contribute to structural fund?
The UK contributes more than $4bn a year to the structural fund
Positives of structural funding
• co-financing
Structural funds are vital in providing co-financing for major projects
Positives of structural funding
• Financial stability
The EU budget gives financial stability to schemes and protects them from domestic political change
Positives of structural funding
• Certainty
Investors and regions receive highly valuable security and certainty which they simply do not get on a national level.
