24 August 2016

Chancellor Philip Hammond guarantees EU funding beyond date UK leaves the EU

British businesses and universities will have certainty over future funding and should continue to bid for competitive EU funds while the UK remains a member of the EU.

Assurances set out by the Treasury include:

  • 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 put in place arrangements for assessing whether to guarantee funding for specific structural and investment fund projects that might be signed after the Autumn Statement, but while we remain a member of the EU. Further details will be provided ahead of the Autumn Statement
  • where UK organisations bid directly to the European Commission on a competitive basis for EU funding projects while we are still a member of the EU, for example universities participating in Horizon 2020, the Treasury will underwrite the payments of such awards, even when specific projects continue beyond the UK’s departure from the EU

And in a new boost to the UK’s agricultural sector Mr Hammond also guaranteed that the current level of agricultural funding under CAP Pillar 1 will be upheld until 2020, as part of the transition to new domestic arrangements.

Chancellor of the Exchequer, Philip Hammond 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.”

Environment Secretary, Andrea Leadsom said:

“It means farmers are assured of current levels of funding until 2020 and any agri-environment schemes agreed before the Autumn Statement will be fully funded – even when these projects continue beyond the UK’s departure from the EU.”

From: HM Treasury, The Rt Hon Greg Clark MP, The Rt Hon Philip Hammond MP, The Rt Hon Sajid Javid MP, The Rt Hon Andrea Leadsom MP, The Rt Hon David Gauke MP, others

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