STORMONT'S finance minister has said a British government pledge to honour funding for EU projects does not go far enough.

New Chancellor Philip Hammond has said the Treasury in London will stand over any EU structural and investment money awarded before his autumn budget statement, which is expected in November.

However, Máirtín Ó Muilleoir claimed hundreds of millions of pounds of funding for the north is still in doubt.

The Sinn Fein minister also re-iterated a claim that Stormont had been not been consulted about the future of European money.

"Prior to the referendum, the European Union had agreed to contribute over £1.2 billion... scheduled to run between 2014 and 2020. This includes contributions to the cross border Peace IV and Interrg VA Programmes," he said.

"The decision not to underwrite that sum in relation to EU funds from now to 2020 is a setback to the economy and a failure by the British government to match European support for the peace process."

He added: "Despite the promise of the British Prime Minister to act in the interests of all, there has been no attempt to consult with myself, the Executive or the Irish government, about the best way forward in relation to European funds."

A joint letter, signed by Mr Ó Muilleoir and the Dublin government, has been sent to the European Commissioner for Regional Policy outlining support for the cross-border EU programmes.

The South Belfast MLA said: "While the decision to honour letters of offer issued up to November will help some applicants for EU funds, it will leave a question mark over scores of other vital projects and means potentially up to £300m of future funding is in peril.

"Rather than providing the certainty needed following the EU referendum this short-sighted decision could deepen the economic blow."

He said he had spoken to Mr Hammond to ask that Northern Ireland "would not lose a penny of EU related funding streams".

There have also been pledges from Whitehall to match current farm subsidy levels up to 2020, although the Sinn Féin minister has warned that the support is expected to "fall off a cliff " after the UK severs ties with Brussels.

The first and deputy first ministers also wrote to Prime Minister Theresa May last week to outline their concerns over the potential consequences of Brexit.