UK to match EU funds

The Myanmar Times - - Business -

THE Bri­tish govern­ment has pledged to match EU 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 de­ci­sion to quit the Euro­pean Union, could cost £4.5 bil­lion (US$5.8 bil­lion) 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 pro­gram.

The cost will de­pend on the level of ap­pli­ca­tions for funds, and on when Bri­tain leaves the EU.

Prime Min­is­ter Theresa May’s Con­ser­va­tive govern­ment has in­di­cated it will not trig­ger the two-year EU with­drawal process be­fore the end of this year.

Cam­paign­ers for Bri­tain to stay in the EU had high­lighted the fund­ing ben­e­fits to key sec­tors.

But the Brexit camp ar­gued that any short­fall could be cov­ered by end­ing Bri­tain’s con­tri­bu­tions to the EU bud­get, which stood at about £12.9 bil­lion in 2015, af­ter the re­bate.

Projects cov­ered by the govern­ment’s guar­an­tee in­clude a new fa­cil­ity at the University of Manchester to de­velop re­search into graphene us­ing £5 mil­lion from the Euro­pean Re­gional De­vel­op­ment Fund. –

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.