Brexit: Treasury pledges to underwrite Horizon 2020 projects

The announcement, made by chancellor of the exchequer Philip Hammond on 13 August 2016, was described by Prof Venki Ramakrishnan, president of the Royal Society, as sending the message that Britain remains open and collaborative.

The Treasury said that whilst Britain remains part of the EU, organisations bidding directly to the European Commission for EU funded projects will have their funding underwritten, even when projects continue beyond the UK’s departure from the EU.

These include universities participating in Horizon 2020, the EU’s research and innovation programme that is making nearly €80bn of funding available over seven-years to 2020.

Hammond said: “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 is why I am confirming that structural and investment funds projects signed before the Autumn Statement and Horizon research funding granted before we leave the EU will be guaranteed by the Treasury after we leave.”