The Guardian The chancellor Philip Hammond has sought to reassure scientists over post the Referendum vote and to guarantee billions of pounds of UK government investment after Brexit for projects currently funded by the EU, including science grants and agricultural subsidies.

The chancellor’s funding commitment is designed to give a boost to the economy in what he expects to be a difficult period after the surprise result of the EU referendum in June. The Treasury is expected to continue its funding beyond the UK’s departure from the EU for all structural and investment fund projects, as long as they are agreed before the autumn statement. If a project obtains EU funding after that, an assessment process by the Treasury will determine whether funding should be guaranteed by the UK government post-Brexit.

Universities and researchers will have funds guaranteed for research bids made directly to the European commission, including bids to the EU’s Horizon 2020 programme, an €80bn (£69bn) pot for science and innovation. The Treasury says it will underwrite the funding awards, even when projects continue post-Brexit. Hammond said the government recognised the need to assuage fears in industry and in the science and research sectors that funding would be dramatically reduced post-Brexit. To read more click here