This fund is the replacement to the European Structural and Investment Fund (ESIF) which runs out in 2023. The Government has released pre-launch guidelines (https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/delivery-geographies) and a prospectus, which prioritise specific geographical areas of the Mayoral Combined Authorities and the Greater London Authority, and lower tier or unitary authorities elsewhere.
The Government recognise the role of Local Government and its place in partnering with the Central Government in delivering the Levelling Up agenda. The difference being that money will be allocated to areas rather than having to compete for funds, offering the flexibility to use the money to boost productivity and enhance employment opportunities, tackle inequalities and deliver real change to local communities, places and businesses.
The Government has also provided a Prospectus (https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus) to assist Local Governments with the following information;
-
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 they will pay each place or project
-
How they will work with each place to measure impact
There are also some important dates to be aware of
-
Fund launch: 13 April 2022
-
Investment plan platform launch: 22 April 2022. A pre-registration formwill need to
be completed before accessing the investment plan platform
-
Investment plan submissions window: 30 June 2022 to 1 August 2022
-
First payments expected to lead local authorities: from October 2022
-
Funding period: April 2022 to March 2025
The Government’s aim is to spread opportunities and improve public services where they are weak. Restore a real sense of community and local pride and belonging where they have been lost. This should empower local leaders and communities to build pride in place and have greater life chances across the UK. Engaging in local culture and community through supporting individuals and businesses.
They will provide 3 investment priorities
-
Communities & Place
-
Supporting local business
-
People Skills.
