UK vows to match EU funds, farm subsidies

AFP, LONDON: The British government pledged Saturday to match European Union funding for farmers, universities and infrastructure projects following Brexit, as it sought to allay fears over key sectors.
The commitment, intended to address uncertainty arising from the June 23 vote to quit the bloc, could cost œ4.5 billion ($5.8 billion, 5.2 billion euros) a year, finance minister Philip Hammond said.
The vow applies to agricultural funds until 2020, structural and investment projects signed before the government’s budget update this autumn, and university bids won under the Horizon 2020 research and innovation programme.
“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, “ Hammond said in a statement.
“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.

 

UK vows to match EU funds, farm subsidies

AFP, LONDON: The British government pledged Saturday to match European Union funding for farmers, universities and infrastructure projects following Brexit, as it sought to allay fears over key sectors. The commitment, intended to address uncertainty arising from the June 23 vote to quit the bloc, could cost 4.5 billion ($5.8 billion, 5.2 billion euros) a year, finance minister Philip Hammond said. The vow applies to agricultural funds until 2020, structural and investment projects signed before the governments budget update this autumn, and university bids won under the Horizon 2020 research and innovation programme. 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, Hammond said in a statement. 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.