PRESTON could be on the verge of tapping into a £400 million European cash windfall.

Eight wards in Preston have been given European Union Objective Two status - which all but guarantees them a slice of the massive grants up for grabs from Brussels.

The money, which could top £100 million in Preston alone over the next seven years, would be used to support a range of regeneration and job creation projects in the town's most deprived areas, which include Avenham, Brookfield, Deepdale, Fishwick and Ribbleton.

Preston Borough Council described the announcement, made on Friday by the Department of Trade and Industry, as the 'key to unlocking Preston's future potential'. The cash injection comes on top of £25 million expected to come from the Single Regeneration Budget. A spokesman for the borough said: "We have had a raw deal for a long time and we do suffer form severe deprivation in some areas.

"The Objective Two money will be used to improve people's lives in a variety of ways, from physical regeneration to educational programmes. It is great news. We now have the correct status to get the money we need."

The news comes just a few months after Lancashire County Council launched a scheme to get Euro cash pumped into Lancashire. Their high-profile campaign appears to be paying dividends. However the area has still missed out on Assisted Area status from the British government.

Trade and Industry Minister Stephen Byers said: "The government is committed to creating a modern and competitive economy."

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