To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the funding that will be made available for the Horizon2020 underwrite will be guaranteed in pounds or Euros.
To ask the Secretary of State for Business, Energy and Industrial Strategy, what the timeframe is for the distribution of funds under the Horizon2020 underwrite.
The Government’s priority remains agreeing a deal with the EU. A ratified deal based on the provisions set out in the proposed Withdrawal Agreement would ensure that UK participants could continue to receive EU funding from EU Programmes committed under the 2014-2020 Multiannual Financial Framework for the lifetime of these projects. Horizon 2020, the EU’s research and innovation funding Programme, is one such Programme.
At Spending Review 2015, the Government protected science funding, committing to invest £26.3 billion between 2016-21, and has since committed to an additional £7 billion by 2021-22 – the largest increase for 40 years. If we leave the EU without a deal in place, the underwrite guarantee and extension are Government commitments to provide funding required for the UK to participate in Horizon 2020 until the end of 2020 and for the lifetime of projects. In this scenario, HM Treasury will provide additional funding on top of existing departmental budgets – further demonstrating the Government’s commitment to the UK’s world-class research base.
Underwrite funding will be paid to UK beneficiaries in pounds sterling. BEIS continues to work closely with UKRI to ensure that all necessary systems are in place to deliver the underwrite guarantee and extension by exit day. The Government will be providing further guidance for stakeholders on underwrite delivery mechanisms in due course.
The Government has been clear that the underwrite guarantee and extension will cover all successful competitive UK bids to Horizon 2020 submitted before the end of 2020. This includes partnerships such as the EIT KICs.