Brexit LIVE: Give us MORE! Greedy SNP orders Boris to hand over £1.3bn due to EU exit

Brexit: It’s ‘very dangerous’ if fishermen were ‘misled’ says insider

Scottish Finance Secretary Kate Forbes said a full replacement of all lost “EU funds” was needed. The Scottish Government finance chief said Scotland must receive at least £1.283bn in a replacement seven-year post-Brexit funding programme between 2021-2027.

But Stephen Barclay, Chief Secretary to the UK Treasury, said the new post-Brexit funds which replace European structural funds would be centrally-controlled by Westminster.

This means the new cash will be spent by the UK government on projects normally devolved to the Scottish Parliament.

Mr Barclay said: “The UK Shared Prosperity Fund will help to level up and create opportunity across the UK in places most in need.

“We will ramp up funding so that total domestic UK-wide funding will at least match EU receipts on average reaching around £1.5bn a year.”

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Ms Forbes expressed concerns over the decision and said: “It is vital that control over any new arrangements remains in Scotland.

“Otherwise this threatens to be a significant power grab over Scotland’s powers to target investment and to make decisions based on what’s best for the people, businesses and communities of Scotland.

“I urge the Chancellor to provide clarity ahead of the Scottish Budget on 28 January.”

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8am update: EU crisis: Ex-Greek Minister issues warning over Brexit sparking ‘disintegration’ of bloc

Brexit will lead to the “disintegration” of the European Union, according to Yanis Varoufakis.

The former Greek finance minister lashed out at the bloc after claiming the EU is now “congratulating themselves” following Boris Johnson’s historic Brexit trade deal.

The agreement was signed by the Prime Minister on Christmas Eve.

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