Fishermen across the UK will be able to apply for a share of €243m in the new European Maritime and Fisheries Funding (EMFF).

The funding will aim to help businesses adapt to the reformed Common Fisheries Policy (CFP) and support their long-term sustainability and economic growth.

George Eustice, Marine and Fisheries minister, said: “Fishermen in every part of the UK can receive support as they continue to develop their businesses and adapt to the sustainability commitments under the new CFP.”

Applications will open in England on 18 January 2016 and will initially focus on supporting the commitment to fishing at sustainable levels, as well as boosting the competitiveness of the fishing industry and aquaculture sector.

“These grants, combined with the flexibilities we secured will help our fishermen to adapt to the discard ban, will help us to achieve our ambitions of a profitable fishing industry by protecting our fish stocks for the long-term and safeguarding a healthy marine environment,” added Mr Eustice.

Fishermen will also be supported as the discard ban takes effect with EMFF money available to part-fund the purchase or development of innovative gear for more selective fishing.

Alongside this, Defra has asked Seafish to set up an industry expert panel to give advice on how EMFF funding can be used to best promote economic growth in the sector.