What is the UK Shared Prosperity Fund?
The Government’s £2.6 billion UK Shared Prosperity Fund (UKSPF) was announced in April 2022, allocating at least £1 million to every lead authority as well as allocations for the Multiply Programme.
The Fund is part of the Government’s wider commitment to level up all parts of the UK, recognising that even the most affluent parts contain pockets of deprivation and need support.
To access local allocations, lead authorities will need to develop a local investment plan. Lead authorities will be expected to bring together a range of partners to develop the local investment plan. Whilst lead authorities can use their own discretion on who to include, they should aim to include as wide a range of stakeholders and partners as possible.
What will the Fund support?
UKSPF will deliver on each of the Levelling Up objectives identified through three priorities:
1. Community and Place
- investment in activities that enhance physical, cultural, and social ties/amenities
- investment in quality places that people want to live, work, play, and learn in
2. Supporting Local Business
- investments that build on existing industries and institutions
- interventions that bring together businesses and partners both within and across sectors
- targeted support for small and medium sized businesses
3. People and Skills
- boost core skills and support adults to progress in work
- investment in bespoke intensive life and employment support
- providing cohesive, locally tailored support, including access to basic skills
- fund gaps in local skills provision
The Clock is Ticking
Local authorities have until the 1st August 2022 to submit a local investment plan, consisting of:
- Local context - local challenges and opportunities
- Selection of outcomes and interventions - identify the outcomes to be achieved and interventions to be prioritised
- Delivery - approach to delivery and governance, expenditure and deliverables, and capability/resource
Our expert Town Centre Regeneration team can robustly review and "check and challenge" your investment plan. We have a strong track record of unlocking public/private sector investment and funding to help deliver critical and complex mixed-use development, infrastructure, and regeneration projects. To date, we have unlocked over £250m of funding from the Levelling Up, Welcome Back, Future High Street, and Towns Deal Funds.
For more information, please get in touch.
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