Hungary’s Brexit adjustment reserve supports 63 companies with EUR 61.7m

The government’s adjustment reserve for companies harmed by the United Kingdom’s exit from the European Union is supporting 63 companies with a total of 23 billion forints (EUR 61.7m), Péter Szijjártó, the minister of foreign affairs and trade, said on Monday, when he handed the support certification to Rovitex Homedeco.

Winning support within the Brexit Adjustment Reserve was conditional on investments and preserving jobs, Szijjártó said. The government has pre-financed the tender, which opened in September and closed recently, as European Union funding will flow in between 2022 and 2025, he said.

“We have never allowed Hungarians to be made to pay for events in world politics and economy they had nothing to do with, and Brexit is one of them,” he said.

Szijjártó said Brexit was a “huge loss” for the EU which brought about grave strategic and economic challenges. The UK used to produce 15 percent of the EU’s GDP and gave 13 percent of its population, he said.

• read also – Bookmakers: Hungary will not be the next to exit the EU

In the last decade marked by crises, the Hungarian government’s responses to the challenges consistently deviated from mainstream answers “but were also consistently successful”, he said.

In response to the financial crisis, the government introduced radical tax cuts and job creation policies, and it countered migration pressure by strengthening national security, he said.

During the coronavirus pandemic, the government focused on speeding up the vaccination drive and on saving jobs, which helped Hungary to “benefit from the status quo upheaval in global economy, and brought about economic records in 2021,” he said.

As we wrote last month, the number of Hungarian students studying in the UK has fallen dramatically since Brexit. The Hungarian Youth Association has launched a campaign across the EU: the SaveEUStudents initiative has been endorsed even by the European Parliament. Details: Hungarian students hit hardest by Brexit!

Source: MTI