A GWENT council is still waiting for further information from the UK Government on funding that replaced grants previously received from the European Union. 

The previous Conservative UK Government introduced the Shared Prosperity Fund as a replacement for funding for the type of projects that could be funded from EU grants before Britain withdrew as a result of the Brexit referendum. 

In Torfaen, Shared Prosperity Funding has supported a range of projects from employing staff to boost the area as a tourist destination and a joint project with Caerphilly Borough and Gwent Police to tackle illegal off-roading as well as work and education training schemes. 

Estimates for the council’s upcoming 2025/26 budget show it expects to suffer a £3.9m reduction in grant funding, with much of that due to schemes that have been supported by the Shared Prosperity Fund. 

The council has anticipated the loss of the funding in its medium term financial plan but must consider the impact on its upcoming budget, with the council currently working on the assumption it faces a £5.7m funding gap next year once other savings have been made. 

Reform Party councillor Alan Slade asked if the UK Labour government intends continuing with the Shared Prosperity Fund when the council’s cross cutting scrutiny committee looked at the budget estimates for next year. 

Dave Leech, the strategic director responsible, said the UK Government will continue the fund in 2025/26 as a “transition year” but with a reduced level of funding. 

He said: “We understand there are conversations to be had around the future of Shared Prosperity Fund type grants and these will be picked in the new year and that’s why the transition fund has been put in place.”