The Chancellor of the Exchequer, Philip Hammond, and the Treasury, have released a statement confirming that EU funding will be guaranteed beyond the date the UK leaves the EU.
The statement from the Treasury has been welcomed in a follow-up statement from Research Councils UK, and in press releases from Innovate UK, Universities UK and HEFCE.
Key projects supporting economic development across the UK will be given the green light, ending uncertainty over their future following the UK’s decision to leave the European Union.
The Treasury assures that “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.“
As a result, British 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.