Chancellor promises Cambridge £137 million in funding

The funding is to replace research grants promised by the EU

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It was reported that Cambridge had a risk of EU student numbers decreasing rapidly due to Brexit.

The Guardian stated that the university had seen a 17% drop in EU applications for 2017 entry, and expected the number of EU undergrads and postgrads applying to drop from 1,100 to around 400 because of to funding concerns post-Brexit.

Speaking to The Guardian, Neil Carmichael, the Conservative MP and chairman of the education select committee, revealed that there was “a degree of concern” about UK Universities following the referendum result earlier this year. He argued that we can’t let Brexit spell “catastrophe” for our university sector.

EU student applications could fall by two thirds

EU student applications could fall by two thirds

However, the government have done their best to deal with concerns, promising to compensate for EU funding which had already been committed to research projects. Figures released from the Department of Business, Energy and Industrial Strategy, have provided evidence of the amount of money awarded to universities through the Horizon 2020 programme.

A government spokesperson revealed to The Guardian that they have provided an “investment of an additional 2bn per year by the end of this parliament.”

This comes as a relief, as Cambridge had been awarded the most money by the European Commission than any other higher education organisation to have participated in the scheme: a grand total of £137 million. This was closely followed by UCL’s £122 million and Oxford’s £114 million.

The government now face this bill from Cambridge, as Hammond sticks to his August promise that the government would underwrite all payments agreed under the scheme, covering the period from 2014-2020.

never fear, Hammond's here

never fear, Hammond’s here

It is thought that the figure could rise, as organisations such as universities can bid for further funding from the Horizon 2020 scheme.