UK participants of the European Union’s Horizon 2020 Programme can rest assured that the approved projects applied for before the UK leaves the European Union will not be affected by the so-called Brexit, as the UK Treasury will underwrite funding for those Horizon 2020 projects.
British businesses and universities will have certainty over future funding and should continue to bid for competitive EU funds while the UK remains a member of the EU, the government said. The Treasury will underwrite the payment of such awards, even when specific projects continue beyond the UK’s departure from the EU.
Business and Energy Secretary Greg Clark said: “By underwriting the significant Horizon 2020 grants we are showing the extent of our commitment, standing squarely behind our researchers and scientists as they continue working with their European partners to develop new technologies, discover life-saving medicines and pioneer every day innovations that will benefit all hard-working Britons.”
Horizon 2020 is the European Union’s flagship research and innovation programme, with a budget of almost €80 billion between 2014 and 2020, aimed at securing Europe’s global competitiveness. Through the programme, the UK has secured 15.5 per cent of total funds to date totalling around €2 billion, second out of all participating countries.