The chancellor has been told to go further after promising to invest billions of pounds in projects currently funded by the EU after the UK leaves the union. Philip Hammond announced on Saturday that taxpayers would contribute about £4.5bn a year to projects to support scientists and farmers and build infrastructure. The Treasury is also expected to continue its funding for all structural and investment fund projects if they are agreed before Hammond delivers the autumn statement in November or December. If a project obtains EU funding after that, the Treasury will determine whether funding should be guaranteed by the UK government. The structural and investment funds that will be guaranteed include CAP pillar two, the European social fund, the European maritime and fisheries fund and the European regional development fund, including European Territorial Cooperation – also known as Interreg.

Source: The Guardian August 13, 2016 10:52 UTC