Yorkshire Labour MEP Richard Corbett has called on businesses and Yorkshire and Humber 's regional development agency to secure a large share of an estimated £600 million windfall in extra EU funding for the region.

In 2009, Britain is set to receive around €3 billion in structural funds, worth approximately £2.2 billion this time last year. With the pound having lost around 25% against the euro since then, the amount, at the present exchange rate, would be around £2.85 billion - an extra windfall of over £600 million.

Richard said: "The EU budget is calculated in euros. With the euro having gained 25% against the pound in the last year, Britain stands to get an extra £600 million in European structural fund money this year. A large chunk of this goes to Yorkshire.

"At a time when businesses and communities are feeling the pinch across the region, it is vital that we use this windfall. We need businesses, government and regional development agencies to work together to spend this extra European money on job creation, training programmes and regeneration projects."

There is one further benefit: the higher value of the euro means that there is a corresponding increase in the purchasing power of our main export market. This increases export opportunities for local firms to the eurozone.

Richard added: "It is vital that Yorkshire businesses take advantage of the increased purchasing power of the eurozone and maximise their export markets. We must look to exports to energise our region's economy."

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Press enquiries: Contact Luke Thorne, Press and Communications Officer to Richard Corbett MEP

• phone 0113 245 8987
• e-mail luke@richardcorbett.org.uk