Wales to reap rewards of strong Euro

29th January 2008

A CONTINUING strong Euro could see Wales up to £131m better off, Euro-MP Eluned Morgan today said.

If the money for the EU's new Convergence Programme (the replacement for Objective 1) were to be transferred at the current exchange rate then it would mean Wales would benefit from an extra £111m over the course of the 7 year programme.

A further £20m could be expected from the remaining money to be spent from the last Objective 1 programme.

Wales Euro-MP ELUNED MORGAN said:

"Communities in Wales have already benefited from more than £1.3 billion of EU Objective One cash - generating an investment of more than £3 billion and supporting the creation of 40,000 new jobs and 1,900 new businesses.

"The new Convergence Programme is set to build on this success, providing around £1.3bn to create even more jobs, attract new investment and regenerate our communities. Now the current exchange rate means we can benefit even further.

"Although this is the situation at the moment, the exchange rate is only relevant at the time of payment and is fixed on a monthly basis by the Commission. Of course what goes up could come down, so this calls for skilful management on the part of Welsh Assembly Government officials."