Commenting on the proposals, Welsh Conservative Shadow Minister on International Relations and External Affairs, Darren Millar MS, said:
The fact that those parts of the Wales that were eligible for EU Structural Funds are just as poor now as they were 20 years ago clearly demonstrates that the Welsh Government has failed to deliver the change Wales needs.
The UK’s departure from the EU provides an opportunity to reboot and revamp regional development funding across Wales and level up across the country.
The new UK Shared Prosperity Fund will replace the overly bureaucratic EU system and Wales is guaranteed to receive at least the same level of funding as we currently receive from the EU.
This funding will be used to tackle inequality and deprivation right across Wales but local decision-making on how it is spent, not a Welsh Government knows best and Cardiff-centric approach, will be critical to its success.