Philip Hammond failed today to give the requisite guarantees to UK businesses, universities, scientists and others that the streams of funding they receive from the EU will be genuinely protected as the Brexit process takes hold.
In his speech to Conservative Party Conference today, Mr Hammond said funding would continue to be provided until Britain leaves the EU, but only for projects which “meet UK priorities and value for money criteria.” He provided no details whatsoever about these criteria, and said nothing about how the Treasury will replace EU funding schemes after we leave.
Far from guaranteeing the continuation of vital funding for British institutions, the Chancellor has subjected them to more red tape, with the possibility that the Treasury will use this as an excuse to cut vital funding programmes.
Commenting for the Open Britain campaign, Mary Creagh MP said:
“The Government has again failed to give a genuine guarantee that all EU funding streams will be honoured until 2020.
“The Chancellor made clear that the Treasury would pick and choose which schemes to support, but we are in the dark about what criteria will be used.
“European funding is vital for our agricultural, environmental, higher education and science sectors, yet they face potentially massive cuts.
“This is yet another broken promise from Leave campaigners.”