On the 13th of April 2022, the Department for Levelling up Housing & Communities within the UK Government published a Prospectus which provides details on the UK Shared Prosperity Fund.
The UK Shared Prosperity Fund (UKSPF or the Fund) is a central pillar of the UK government’s ambitious Levelling Up agenda and a significant component of its support for places across the UK. It provides £2.6 billion of new funding for local investment by March 2025, with all areas of the UK receiving an allocation from the Fund via a funding formula rather than a competition. It will help places right across the country deliver enhanced outcomes and recognises that even the most affluent parts of the UK contain pockets of deprivation and need support.
The Prospectus provides information to local authorities and other partners across the United Kingdom on:
- The aims of the UK Shared Prosperity Fund
- What to use the funding for
- The funding places will receive
- How to deliver the Fund
- The investment plan process
- The Fund’s parameters
- How we will pay each place or project
- How we will work with each place to measure impact