UK Shared Prosperity Fund.
In April 2022, the Government launched the UK Shared Prosperity Fund (UKSPF) to support its Levelling Up agenda. The primary goal of the UKSPF is to build pride in place and increase life chances across the UK. Full details of the fund are available in the UK Shared Prosperity Fund prospectus.
East Suffolk Council has been allocated £2.75m to invest across two and a half years (2022/23 - 24/25) in initiatives that will address inequality and contribute to levelling up. This is in addition to the £3.75m Multiply element of the UKSPF, which Suffolk County Council can apply for to support adult numeracy across the county. The funding can only be unlocked upon submission of an Investment Plan which is signed off by both the council and the government.
The primary goal of the overall £2.6bn UK Fund is “to build pride in place and increase life chances across the UK” and is based around three investment priorities:
- Communities and Place
- Supporting Local Business
- People and Skills
- While there is a link between the former EU funding regime and the UKSPF, the funding is not a direct replacement for EU Structural Funds.
The funding can be spent on capital (physical assets) and revenue (operational) projects.
Read the East Suffolk Council article in full and see how this fund could aid your business plans in 2023.
