Britain’s opposition Labour Party said Hammond had made the right move in giving the guarantees but added that it was important for the government to also ensure that Britain remained a member of the European Investment Bank.
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Prime Minister Theresa May could be forced to push back the timetable due to uncertainty over the preparations of her new Brexit and worldwide trade departments, sources told the Sunday Times.
The Brexit and global trade ministries are still recruiting staff, making it unlikely Britain will invoke Article 50 – after which the country has two years to leave the bloc – until late next year, the Sunday Times said, citing people familiar with the situation.
However, their new government departments are being set up from scratch and the situation is reportedly “chaotic”.
“Ministers are now thinking the trigger could be delayed until autumn 2017”, a source told the newspaper.
“I hope that this short-term certainty will help to deliver longer-term confidence and this is exactly what farm businesses need now”, said Meurig Raymond, the president of the National Farmers’ Union.
Hammond said projects signed before Britain’s Autumn Statement financial update will continue to be funded by Britain after it formally leaves the European Union and the United Kingdom would match the current level of agricultural funding until 2020.
With Brexit creating anxiety around jobs and investment, Mr Mackay urged Prime Minister Theresa May to take steps to reassure Scots communities.
There are reports of Tory infighting, with doubts cast over the role Foreign Secretary Boris Johnson’s department should be playing in Brexit negotiations.
But behind the scenes, there has been a growing realization in Europe’s capitals that the two-year window for negotiating Brexit is far too short.
Britain created two new government departments to handle Brexit and global trade, led by David Davis and Liam Fox, two prominent “Leave” campaigners in the referendum.
France is slated to hold presidential election rounds in April and May, while Germany is due to hold its general election in the fall.
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Projects covered by the government’s guarantee include a new facility at the University of Manchester to develop research into graphene – a material which scientists say could transform consumer electronics – using £5 million from the European Regional Development Fund.
