Posted on July 28, 2016 by staff

Tech funding “on pause” after Brexit vote


Some key UK tech funding is “on pause” as a result of Britain’s decision to leave the European Union.

Coast to Capital, which allocates European funding around the south-east of England, wrote in an email seen by the BBC that it will not be able to allocate its current round of 60m euros in “the near future”.

It blamed the uncertainty caused by the Brexit vote and the subsequent change of Government.

The BBC reported that ‘some Government departments are waiting for a formal Government announcement before signing any new agreements’.

However the Treasury insisted that funds had not been stopped.

“The Treasury has not stopped any payments from the European Regional Development Fund and to suggest it has is simply untrue,” said a representative.

“The UK remains a member of the EU, and that means no immediate change to EU programmes.

“We recognise the need to bring any uncertainty to an end as soon as possible, however, and we have been working urgently to understand the future implications to programmes.

“We will make an announcement on EU funding soon.”

Coast to Capital’s funds are allocated by the Department for Communities and Local Government.

A select committee urged the Government to formulate an immediate plan for protecting the digital economy following Brexit.

Billions of pounds in science and engineering research grants could be lost when Britain leaves the European Union.

And the chief executive of Liverpool City Council raised concerns that the Northern Powerhouse could suffer in the political post-Brexit landscape during a BusinessCloud evening event at the International Festival for Business in Liverpool.