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Chancellor guarantees EU funding beyond date UK leaves the EU

Chancellor guarantees funding beyond Brexit

Published: 16/08/2016

The Treasury has announced that it will underwrite EU funding for key projects even when these projects continue beyond the UK’s departure from the EU. In a statement on 13 August British businesses and universities were assured of future funding and encouraged to continue to bid for competitive EU funds while the UK remains an EU member.

The Treasury has guaranteed that all structural and investment fund projects, including agri-environment schemes, signed before the Autumn Statement will be fully funded, even when these projects continue beyond the UK’s departure from the EU. The Treasury will also assess whether to guarantee funding for specific structural and investment fund projects signed after the Autumn Statement.

Chancellor of the Exchequer, the Rt Hon Philip Hammond MP, said: “The UK will continue to have all of the rights, obligations and benefits that membership brings, including receiving European funding, up until the point we leave the EU.

“We recognise that many organisations across the UK which are in receipt of EU funding, or expect to start receiving funding, want reassurance about the flow of funding they will receive. That is why I am confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave. The government will also match the current level of agricultural funding until 2020, providing certainty to our agricultural community, which play a vital role in our country.”

The importance of research and innovation has been recognised by the reassurance to UK participants of the EU’s Horizon 2020 Programme. Horizon 2020 is the European Union’s flagship research and innovation programme aimed at securing Europe’s global competitiveness. With a budget of almost €80 billion between 2014 and 2020, the programme awards funding to the most innovative research ideas to help bring them to market quicker, creating jobs and benefitting the lives of millions around the world through scientific breakthroughs and new technologies.

Business and Energy Secretary, the Rt Hon Greg Clark MP, said: “By underwriting the significant Horizon 2020 grants we are showing the extent of our commitment, standing squarely behind our researchers and scientists as they continue working with their European partners to develop new technologies, discover life-saving medicines and pioneer every day innovations that will benefit all hard-working Britons.”

Follow the link to read the full statement: Chancellor guarantees EU funding beyond date UK leaves the EU