UK Chancellor Guarantees Compensation of EU Funding After Brexit

EU funding signed before the Autumn Statement will be replaced with HM Treasury’s commitments after the Brexit, UK Chancellor of the Exchequer Philip Hammond said, local media reported.

MOSCOW (Sputnik) – The decision may cost up to $5.8 billion a year, according to media reports.

"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," Hammond said, as quoted by The Guardian.

Hammond also said that the HM treasury would consider whether to guarantee funding of other projects that would be signed after the Autumn Statement – traditional HM Treasury’s statement to the UK Parliament about the economic situation.

The Hammond’s initiative was not welcomed by Northern Irish, Scottish and Welsh officials, who said that the HM Treasury’s commitments would not cover the costs of Brexit.

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, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.