UK Shared Prosperity Fund (UKSPF)
Somerset has been notionally allocated a total of £7,263,760 of UK Shared Prosperity Funding (UKSPF) over the 3 year period 2022 to 2025.
The UKSPF sets out a bold new approach to improve livelihoods and opportunities in all parts of the UK. The fund is a central pillar for the levelling up agenda and will provide £2.6 billion of new funding for local investment by March 2025. Of the £2.6 billion, an initial £559 million will be allocated, nationally, to the Multiply adult numeracy skills programme.
The UKSPF will support the UK government’s wider commitment to level up all parts of the UK by delivering on each of the levelling up objectives:
- Boost productivity, pay, jobs and living standards by growing the private sector, especially in those places where they are lagging.
- Spread opportunities and improve public services, especially in those places where they are weakest.
- Restore a sense of community, local pride and belonging, especially in those places where they have been lost.
- Empower local leaders and communities, especially in those places lacking local agency.
The primary goal of the UKSPF is to build pride in place and increase life chances. The fund will improve the place people live in, and support individuals and business. There are three investment priorities, each with detailed objectives:
- Communities and place – strengthening social fabric and fostering a sense of local pride and belonging through investments in infrastructure, local green space and community led projects.
- Local business – creating jobs and boosting community cohesion through investment in existing industries and institutions, support for those starting businesses, sharing knowledge and expertise, improvement in retail, hospitality and leisure facilities, networking and collaboration and stimulating innovation and growth.
- People and skills – boosting core skills and supporting adults to progress in work, supporting disadvantaged people to access the skills they need, supporting local areas to fund local skills needs, reduction in levels of economic inactivity by supporting those furthest from the labour market.
The interventions, to help meet the objectives of the investment priorities, will be planned and delivered by Local Authorities through the development of a Local Investment Plan. The funding is allocated via formula and is subject to submission and approval of the plan.
Somerset County Council, as the continuing authority for Somerset in the Local Government Review process, has been identified as the Lead Authority and is co-ordinating the development of the Plan.
The prospectus for the UK Shared Prosperity Fund was launched on 13 April 2022 and sets out more detail.
The initial UK Shared Prosperity Fund (UKSPF) briefing session was held on Friday 20 May 2022. For those unable to attend the briefing can be viewed at this YouTube link:
Consultation events were held on 8 June and 9 June 2022 – to view the events on YouTube, please click on the following links:
Community – round table discussion
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