UK to Guarantee Business Bids for EU Funds Amid Brexit if Projects Meet Criteria

The UK Treasury will offer a guarantee to the bidders relying on EU funding against the backdrop of the country's leaving the 28-nation bloc, if projects meet the country's priorities and meet London's money criteria, Chancellor of the Exchequer Philip Hammond said Monday.

MOSCOW (Sputnik) — Speaking at the Conservative Party conference in the city of Birmingham, Hammond said:

"In the meantime I can offer some additional certainty to British business and other organizations bidding to receive EU funding, while we are still a member [of the bloc]… The treasury will offer a guarantee to bidders, whose projects meet UK priorities and value for money criteria."

He added that if bidders succeeded to guarantee their bids for EU funds, before the country's exit from the bloc, the United Kingdom would protect its jobs and businesses after London would end its membership.

On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters decided to support Brexit.

The Brexit decision caused economic turbulence in the UK economy, including a drop in the country’s stock indexes and a devaluation of the national currency.