EU Funding - matching finance scandal in English regions

The UK Treasury has cut off the means for supplying match funding for EU money (previously provided via the soon to be abolished RDA's) and so £1bn earmarked for regeneration will be unspent. Not just that, but the Treasury can then pocket 2/3 of the unspent money. An absolute scandal! See a report from the Industrial Communities Alliance (formed in 2007 to represent local authorities in the industrial areas of England, Scotland and Wales) at http://www.industrialcommunitiesalliance.org/uploads/2/6/2/0/2620193/eu_funding_briefing_nov_2011.pdf  .