UK regions receive boost to innovation and information society
The European Commission has approved Structural Fund packages amounting to over four billion euro for UK regions to aid innovation and the development of the information society. Funds will also aid SME development technology innovation, growth and competitiveness, the establishment of an entrepreneurial culture and the development of a diverse and dynamic business base and sustainable development. The regions to benefit are North West England, North East England, Yorkshire and the Humber, South West England, Western Scotland, East Wales, East of England, Thanet and Hastings, London and finally West Midlands, which is to receive the most support, amounting to 854 million euro. All of the regions have been classified as Objective 2 regions, meaning that the funds will be aimed at promoting economic conversion and modernisation in areas undergoing industrial decline. The money will come from the European Regional Development Fund (ERDF) and European Social Fund (ESF). A final decision on the programming documents will be taken by the Commission after they have been considered by the Committee on the Development and Conversion of Regions and the ESF Committee.