THE cost of Brexit is being weighed up in Darlington after it was revealed that the region is set to lose £170 million in European funding and investment.

During a Darlington Borough cabinet meeting last night, members heard that a concerted effort would be made to soften the multi-million pound blow as part of a long-term economic strategy for the area.

Cabinet members backed the Tees Valley Combined Authority’s (TVCA) plans to lobby central Government to ensure Darlington still receives financial support after Article 50 is triggered.

A report produced by the council states that Brexit puts Darlington’s Economic Strategy at risk with a “real threat” made to the stability of the borough’s economy.

The report stated: “If central Government do not commit to match the current committed European funding to Tees Valley, there is a real threat to the skills and innovation programmes which are essential in creating economic growth and jobs in the borough.”

However, despite concerns over the EU funding gap, cabinet members heard that the town’s Economic Strategy has succeeded in attracting more than £150 million of public and private sector investment.

The council report stated: “Since the Economic Strategy was adopted in 2012, the local economy has seen significant growth with over £150 million of physical development.

“On almost all indices Darlington’s economy outperforms regional and national growth trends.”

Since 2012, the Strategy has seen Darlington’s business value to the national economy record the highest percentage growth nationally – second only to London, at 8.9 per cent.

The growth is underpinned by an increase in skilled and productive work among those employed in the town, bolstered by a four per cent rise in residents educated to a degree level or equivalent.

Cabinet members were also informed during the Town Hall meeting last night that Darlington has a recorded a significant 3.4 per cent reduction of the town’s unemployment rate.

Councillor Chris McEwan, economy and regeneration portfolio cabinet member, said: “I think one of the most important paragraphs in this report points out the level of percentage growth.

“Darlington is second, after Croydon, which is quite significant and more importantly, we’re seeing results.

“It’s important that we don’t rest on what we’ve done here – we’ve got to ensure all of our community share in the benefits of this economic growth, but we’ve got to sustain that.”