Javid: £4.3bn in Brexit guarantee funding for EU programmes
The Chancellor has today announced a guarantee, which the Treasury has estimated at £4.3bn in 2019-20, to organisations that have been granted funding under certain EU programmes, if the UK leaves without a deal on 31st October.
- In the event it is needed, the funding will be allocated to departments and devolved administrations and amount to £4.3bn in 2019-20, and £16.6bn overall, leading up to 2029.
- The guarantee provides assurance to UK organisations that currently receive EU funding, such as charities, businesses and universities, as the UK leaves the EU and begins to design its own, better targeted and more impactful funding programmes.
The announcement today fulfils the Government’s commitment to reassert control over of British taxpayers’ money and spend it according to the country’s priorities and needs. The UK is currently the second biggest net contributor to the EU after Germany.
Today’s announcement builds on previous assurances given by the former Chancellor of the Exchequer.
Chancellor of the Exchequer, Sajid Javid, said:
“We’re working tirelessly to get a deal with our EU friends and partners, and our preference remains to leave with a deal, but we will do everything possible to ensure we are prepared for Brexit on 31st October, whatever the circumstances.
This guarantee for certain EU-funded programmes is another important step in providing the certainty to citizens and organisations across the UK.”