Funding for UK regeneration schemes is at risk after the EU revealed that it is planning to divert Objective One status funding to poorer regions in the ten new EU member states as part of its budget for 2007-2013.
Until now, Objective One funding has been crucial in the regeneration of large parts of Wales, Cornwall, South Yorkshire, Northern Ireland and Merseyside, the latter of which for example, has received £1.3bn in regeneration over the past six years.