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Treasury Guarantees Post-Brexit Funding Gap

Enterprise M3 welcomes the Treasury announcement that Chancellor Philip Hammond guarantees EU funding beyond the date that the UK leaves the EU.

The announcement on 13 August 2016 stated that 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

https://www.gov.uk/government/news/chancellor-philip-hammond-guarantees-eu-funding-beyond-date-uk-leaves-the-eu

Enterprise M3 will assess the impact these assurances will have on the implementation of our European Structural and Investment Funds (ESIF) Strategy, and we will continue working closely with our partners and stakeholders involved in the individual projects.

For further information, please contact:

Pam Jones pam.jones@enterprisem3.org.uk