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Brexit Round-Up: Hammond Guarantees Funding

Tourism Funding Announced 

The prime minister has announced a £40 million funding boost to support the country’s tourism after the Brexit vote. 

New schemes will be unveiled to attract more visitors to the UK, including relaxing licensing laws to allow B&Bs to offer welcome drinks to guests and pickups from train stations.

Funding is scheduled for projects and businesses in different geographic areas with the aim to improve tourism outside of London.

Chancellor Guarantees EU Funding

Chancellor Philip Hammond has guaranteed EU funding and support for businesses and universities, and has encouraged organisations to continue competing for EU funds while the country remains in the EU.

Structural and investment projects agreed before and after the autumn statement will be funded while the Treasury will underwrite the payments for EU funding projects, even after the country’s departure from the EU.

The Chancellor, said:

“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.”

Housing Market Steady After Brexit

According to figures by HMRC, the housing market remained steady in the first full month after Brexit. 

The number of residential property transactions fell by 0.9% between June 2016 and July 2016 while non-residential transactions in July were 0.7% higher compared to June.

A total of 94,550 homes were bought, compared to 95,430 sold. 

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