On Saturday 13th August the UK Treasury announced it will underwrite multi-year projects being funded by European Structural and Investment Funds (ESIFs) after Brexit.
Philip Hammond, Chancellor of the Exchequer will guarantee Government funding for projects backed by ESIF, which are signed off before this year’s Autumn Statement.
The Treasury will assess whether other similar projects that are signed after the mini Budget (expected in November or December) should also get a guarantee.
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, the Treasury will underwrite the payments of such awards, even when specific projects continue beyond the UK’s departure from the EU.
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