Trawling the Financial Times and its blogs I came across that of Jim Pickard who writes on a most curious decision made by the Government.
With the collapse of sterling European Union euro-denominated grants were boosted in value by about a fifth and the EU even offered to extend the deadline for unused regional aid. Whilst the Government took up the option for Scotland, Wales and Northern Ireland it was rejected for England.
This means that whilst Scotland is set to get up to £54m, Wales £60m and Northern Ireland £25m, the country and England loses out on £671million. Jim Pickard also reports on the fact the unspent cash can now be recouped by the Treasury, who can now deduct that sum from future British contributions to the EU budgets.
One has to wonder which monkey in the zoo (zoo being another word for government) took this decision?
Update: Just noticed that this has also been covered by The Purple Scorpion.
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