Skip to main content

Business: Finance

Question for Department for Business, Energy and Industrial Strategy

UIN 67212, tabled on 9 March 2017

To ask the Secretary of State for Business, Energy and Industrial Strategy, if his Department will make an assessment of the potential effect of the UK's decision to leave the EU on the level of funding available for businesses; and if he will make a statement.

Answered on

14 March 2017

The UK will continue to have all of the rights, obligations and benefits that membership brings, including our right to draw down European funding, up until the point we leave the EU. Furthermore, as announced by My Right Honourable Friend, the Chancellor of the Exchequer, EU funding granted before we leave the EU will be guaranteed after the UK leaves as long as it provides strong value for money and is in line with domestic strategic priorities.

Leaving the EU allows us to make fresh choices about how we shape our economy and presents an opportunity to deliver a bold, long term Industrial Strategy that builds on our strengths and prepares us for the years ahead. We will be able to take our own decisions about how to support businesses to grow and ensure that future arrangements are aligned to UK priorities.