British businesses and universities have been encouraged to continue to bid for EU funding despite the planned departure of the UK from the EU.

The Erasmus+ programme, which consolidates the EU's existing mobility programmes, has been allocated €14.7 billion to support 2 million higher education and 650,000 vocational training students while €70.2 billion has been set aside for innovation and research under the new Horizon 2020 programme. A pilot loan scheme for Masters students is also planned.

Leaders from the European Union agreed upon a common financial framework that includes funding for a new "Erasmus for all" mega-exchange programme, which combines previous exchange programmes into one new scheme. It also includes a loan guarantee scheme for Master's students.