UK Shared Prosperity Fund: prospectus
1.1 What is 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.
It seizes the opportunities of leaving the European Union, by investing in domestic priorities and targeting funding where it is needed most: building pride in place, supporting high quality skills training, supporting pay, employment and productivity growth and increasing life chances. It will reduce the levels of bureaucracy and funding spent on administration when compared with EU funds. It will enable truly local decision making and better target the priorities of places within the UK. It will lead to visible, tangible improvements to the places where people work and live, alongside investment in human capital, giving communities up and down the UK more reasons to be proud of their area.
Places will be empowered to identify and build on their own strengths and needs at a local level, focused on pride in place and increasing life chances. Local places will be able to use the Fund to complement funding such as the Levelling Up Fund, and mainstream employment and skills provision to maximise impact and simplify delivery.
The Fund’s interventions will be planned and delivered by councils and mayoral authorities across England, Scotland and Wales – ‘lead local authorities’, working closely with local partners and the Scottish and Welsh governments.
1.1 What is 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.
It seizes the opportunities of leaving the European Union, by investing in domestic priorities and targeting funding where it is needed most: building pride in place, supporting high quality skills training, supporting pay, employment and productivity growth and increasing life chances. It will reduce the levels of bureaucracy and funding spent on administration when compared with EU funds. It will enable truly local decision making and better target the priorities of places within the UK. It will lead to visible, tangible improvements to the places where people work and live, alongside investment in human capital, giving communities up and down the UK more reasons to be proud of their area.
Places will be empowered to identify and build on their own strengths and needs at a local level, focused on pride in place and increasing life chances. Local places will be able to use the Fund to complement funding such as the Levelling Up Fund, and mainstream employment and skills provision to maximise impact and simplify delivery.
The Fund’s interventions will be planned and delivered by councils and mayoral authorities across England, Scotland and Wales – ‘lead local authorities’, working closely with local partners and the Scottish and Welsh governments.
10 comments:
It's just another iteration of "picking winners".
Because that worked so well every other time...
"Pillar" has become popular. Is it EUspeak?
"...with all areas of the UK receiving an allocation from the Fund via a funding formula rather than a competition."
And of course the funding formula will not be affected by transient political interests, and there will be no 'oversight committee' to validate the findings.
I call shenanigans.
Are they still "levelling up"? That has the aura of Boris about it, just as "Hard Working Families" is a bit Cameronian. Or is it Sunakian?
I only managed to skim it for a couple of seconds before my buzzword-detector broke and gave me a dull pain behind the eyes. But it's apparently about allocation. Do they say where they are getting the money from?
"The Fund’s interventions will be planned and delivered by councils and mayoral authorities across England, Scotland and Wales – ‘lead local authorities’, working closely with local partners and the Scottish and Welsh governments."
There we have the kiss of death and can say goodbye to most of the money.
Sounds a total nightmare to me.
Government picking winning technologies, lol! Everything government (or state as I like to think having grown up in eastern europe) touches turns into crapola.
Peter - yes, they are building on the success of HS2 and Net Zero.
dearieme - it sounds like EUspeak, but seems to be popular in North America too.
Sam - they say the money is cash they no longer have to hand over to the EU, but don't say why they didn't just reduce taxes instead.
Jannie - yes it will probably disappear and in a few years nobody will know or care where it went.
DJ - it sounds like shenanigans doesn't it? Probably because it is bound to be riddled with lots of little shenanigans.
James - me too, but bureaucrats seem to love this kind of thing.
Anon - yes it always turns into crapola. Seems to be a law of nature which ought to be taught in schools to prepare youngsters for the inevitable crapola their generation will have to endure.
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