The Government’s decision to end involvement in the European Union scheme has proved controversial, particularly as Boris Johnson previously said Brexit did not threaten participation.
The UK will no longer participate in the European Union scheme but will now create the homegrown Turing scheme.
Around 35,000 British students annually are said to study in the Erasmus scheme, which the UK joined in 1987 to allow students to study and work across Europe.
The Prime Minister told MPs in January that there was “no threat to the Erasmus scheme and we will continue to participate in it”.
But after successfully negotiating a trade deal with Brussels, Mr Johnson said that he had taken the “tough decision” to pull out of the scheme for financial reasons.
In response, SNP MP Douglas Chapman accused the Prime Minister of “lies and bluster”.
Labour’s shadow education secretary Kate Green said the Government had “needlessly” pulled the UK out of the scheme despite Mr Johnson’s promises.
“Young people must not see their opportunities reduced and subjecting the Turing scheme to future spending review decisions will increase uncertainty for organisations and young people,” she said.
Scotland’s First Minister Nicola Sturgeon previously described the decision to leave Erasmus as “cultural vandalism”, while former prime minister Gordon Brown also called for the UK to remain part of the scheme.
However, students in Northern Ireland will still be able to take part in the popular Erasmus student exchange scheme – thanks to the Irish government.
They have pledged to fund the programme at a cost of around €2.1m (£1.93m) a year.