//The EU gave our communities €16Billon.//
No it didn't. The EU doesn't have any money. All it has is temporary custody of the funds provided by its four (recently reduced from five) contributing members. After they've raked the appropriate (not inconsiderable) percentage off the top for its "administrative fees" it doles what remains out as it sees fit, dictating what the funds must be spent on. It's rather like giving somebody £1,000, and being grateful that they give you £500 back, provided you spend it on whatever they say.
//The observant amongst you will spot a huge cut in money for investment in communities.//
Not quite. Those paying proper attention would note that the €15.9bn you mention of our money that was conditionally returned to be spent as directed was over four years (so roughly €4bn p.a.) whilst the £4.88bn "levelling up" budget (which is actually about €5.6bn) is for phase one of the levelling up programme only. So if you want to praise the observant, you must first establish what you're praising them for.
One question you might ask yourself is that, presumably, the EU's "European Structural and Investment Funds for skills, employment, local business and communities" benefitted all 28 member nations. Whilst the UK was among those members only 5 nations actually contributed any dosh. So where did the share that the other 23 nations got come from (answers on a postcard).
That aside, whatever way taxpayers' dosh is divvied up is now under the control of the UK government, which can be re-elected or thrown out as the electorate sees fit. And that was one of the main points of Brexit.