This is an important announcement for the events and conference sector in the UK. By clearly signalling that it will be “Business as usual” for much of the UK economy the Chancellor has allowed businesses from a wide variety of sectors to plan into the future with confidence, in spite of the global political uncertainty.
Universities and researchers, who between them have a huge impact on the global events and conferences business, will have funds guaranteed for all research bids made to the European commission. This includes bids to the EU’s Horizon 2020 programme which is an €80bn ($86bn) fund that supports science and innovation. The Treasury has committed to underwrite the funding awards, even when projects continue beyond the point that the UK leaves the European Union.
The Chancellor said, “We are determined to ensure that people have stability and certainty in the period leading up to our departure from the EU and that we use the opportunities that departure presents to determine our own priorities.” As a result the UK economy will continue to benefit from EU levels of funding for a range of projects which amounted to more than $5.5bn in 2014-15, with businesses and universities winning a further $1.8bn through competitive bids.
There are also high expectations for the Chancellor’s Autumn Statement due on the 23rd November with commentators looking out for announcements of new investment in the UK infrastructure. Speaking in Washington in October, the Chancellor said, “Now is a good time to invest in genuinely productivity-enhancing infrastructure, and to take advantage of low borrowing costs and our ability to borrow.”
Alistair Jarvis, deputy chief executive of Universities UK, said the Chancellor's EU funding match pledge would offer “much-needed stability for British universities during the transition period as the UK exits the EU, and provide an important signal to European researchers that they can continue to collaborate with their UK colleagues as they have before”.
