Brexit bonanza: Government gives more financial support to firms - Philip Hammond
GETTY Finance Minister Philip Hammond will today set out how the government intends to support projects
British projects and businesses can currently bid for financing from the European Investment Bank, which has provided around 48 billion euros for transport, energy, housing and water investments across the country. Similarly, start-ups in sectors such as tech and life sciences can draw on support from the European Investment Fund.
With Britain due to begin its divorce talks with the EU next week, Finance Minister Philip Hammond will today set out how the government intends to provide its own support for projects that, for example, run beyond the 2019 deadline when Britain leaves the bloc. The role of the EIB in Britain will also be complicated by the fact that London will need to review EU legislation as part of the Brexit process, including the laws that cement the EIB's role in the country.
Things you may not know about Philip Hammond Wed, March 8, 2017 Philip Hammond will deliver his Autumn Statement to MPs at the House of Commons detailing the government's spending and taxation plans today Play slideshow Getty Images 1 of 10 He described the legalisation of same sex marriage as "damaging" for the Conservative Party but also said in time he will come to terms with the change
Mr Hammond will tell an annual gathering of London's financial elite this evening that the British government is in talks with the EIB and is committed to providing the necessary assurances to ensure continued access to funding, according to a statement released ahead of the speech.
GETTY Mr Hammond will talk at an annual gathering of London's financial elite this evening