Hammond: I’ll cover cost of lost EU grants

THOUSANDS of farmers, scientists and small businesses will not lose out financially over Brexit, the Chancellor pledges today.

Philip Hammond says he will guarantee that projects receiving EU money will be fully funded, even after Britain has quit.

He also pledges payments made to farmers under the Common Agricultural Policy will continue until 2020.

Scientists, who have complained about Brexit, will have any bids to the EC for grants underwritten by the Treasury.

Key projects supporting economic development could be given the green light, ending uncertainty over their future after the decision to leave the EU.

No date has been fixed for the UK’s departure, but International Trade Secretary Liam Fox has said he expects it to be in early 2019.

Mr Hammond says: ‘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.

‘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’s why I am confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding (from the EU) granted before we leave will be guaranteed by the Treasury after we leave.’