THE UK Government must guarantee to make up “every penny” currently invested in Wales by the European Union, finance secretary Mark Drakeford has said.

Although the UK as a whole pays £8.5bn a year more towards the EU than is invested in the country, Wales currently receives £245m annually more than is handed over from the public purse.

Now, with that funding at risk following the result of last week’s referendum, the Welsh Government’s newly-appointed finance and local government secretary Mark Drakeford said he was concerned about the impact of losing this funding on jobs, businesses, communities and Wales as a whole.

“The millions of pounds Wales receives from the EU help people into work and training, support businesses, drive innovation and help to regenerate communities,” he said.

“The UK Government must guarantee that Wales will not lose out from an EU withdrawal.”

His call comes despite voters in Wales falling in line with the UK as a whole last week in opting to leave the EU, unlike in Scotland and Northern Ireland, where the Remain campaign attracted a greater level of support.

According to Welsh Government figures EU funding has helped create 11,900 businesses and 37,000 jobs in Wales since 2007.

Mr Drakeford said losing EU funding would have “a real impact” on the Welsh Government’s budgets.

“While arrangements for a Brexit are being made for the longer term, we will continue to deliver existing EU programmes in Wales, investing in projects to ensure continuity for citizens, communities, farmers and businesses.”

But supporters of leaving the EU have said the £13bn the UK currently pays as part of its membership of the organisation would be better used closer to home.

Mr Drakeford also backed calls for the prime minister to make a formal announcement about the timescale for the Brexit, saying: “It is a priority for us to seek clarification from the UK Government about the nature, timing and outcome of negotiations for a UK exit and how significant EU funds for Wales will be replaced, particularly for those parts of Wales which need these the most.”