An extra £35bn for infrastructure if we vote to remain in the EU - Labour

McDonnell: sees opportunities for infrastructure by remaining in the European Union

McDonnell: sees opportunities for infrastructure by remaining in the European Union

Labour has urged voters in northern England to vote to remain in the European Union to unlock over £8bn of new investment for infrastructure.

Shadow Chancellor John McDonnell made the claim as he urged the Government to ensure that the U.K receives the funding. Britain currently receives less than the per capita EU average in funding from the European Investment Bank due to Tory cuts and regional governance, he said. It came shortly before the European Commission announced a tranche of funding for transport.

McDonnell said a 'remain' vote, coupled with additional U.K match funding, would raise £35bn by 2019/20 for the U.K as a whole, including £8.3bn for northern England, "enough to finance the proposed High Speed 3 and help make the Northern Powerhouse a reality," McDonnell said. "There are opportunities for Britain inside the EU to improve the lives of working people. A Tory Brexit would close the door to the vital infrastructure investment our industrial heartlands desperately need."

The figures are based on a Juncker plan that provides for a 320bn euros increase in funding through the European Fund for Strategic Investment. The claim echoes a similar argument made in Transportxtra that the E.I.B helps keep finance flowing through recessions.