Tower Hamlets 'could lose millions of pounds of financial support after Brexit'
PUBLISHED: 16:04 13 February 2019 | UPDATED: 16:04 13 February 2019
Tower Hamlets could lose out on “millions of pounds of financial support” and services will be put at risk by ‘a perfect storm of uncertainty” after Brexit, according to a council report.
The borough’s Brexit Commission also found that “small and medium sized businesses are yet to realise the significance of leaving the EU and are heading towards a potential no deal exit without sufficient contingency plans in place”.
It is due to present its full research at an event in City Hall tomorrow (Thursday).
“There is still a lack of understanding among the borough’s 41,000 non-UK EU citizens about how to secure their residency and employment rights through the EU Settlement Scheme,” the council said in a statement.
“Unease about their future role in UK society has already resulted in EU nationals electing to leave and return to their home countries.”
It added that the services relied upon by the borough’s most disadvantaged residents are “being put at risk by a perfect storm of uncertainty about the future of existing funding”.
The commission, which is made up of economists, experts and councillors, was set up in September last year to investigate how leaving the EU would impact the borough.
It heard evidence from Tower Hamlets health, education and business leaders – including representatives from Barts Health Trust, Queen Mary University and Canary Wharf Group.
The full report will be released tomorrow morning.