The UK Shared Prosperity Fund
- The UK Shared Prosperity Fund (UKSPF) is a £2.6bn fund (predominantly revenue based) launched in April 2022 as the successor to EU Structural Funds (ESIF); £559m of the fund has been allocated to Multiply at the national level
- The funding will complement the range of other funding streams and capital funds such as the £3.6bn Towns Fund and £4.8bn Levelling-up fund
- It is focused on three main strands of activity: Communities and Place, Supporting Local Business and People & Skills
- The aims of the funds are to:
- Boost productivity, pay, jobs and living standards, by growing the private sector, especially in places where they are lagging
- Spread opportunities and improve public services, especially 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
Liverpool City Region
- Liverpool City Region has been allocated £52.8m of the UKSPF for 2022-2025. Compared to 2014-2020 European funds, this represents an annual decrease of £10.2m (37%).
- £8.4m of this funding has been ringfenced by the Government for a programme called Multiply, which is focused upon improving the numeracy skills of people across the UK and helping people to get to a GCSE level qualification.
- The remaining funding must be split between the three UKSPF strands; investing in communities and place, supporting local business and people and skills (from 2024-25).
- The Combined Authority is responsible for submitting an investment plan to central government by 1st August 2022 to unlock our regional allocation.
The priority for Liverpool City Region is to marry the objectives outlined in the city region’s Plan for Prosperity with the overarching aims of the UK SPF. Broadly, they are as follows:
- Communities and Place – to support community and locally based infrastructure which;
- Enhances the resilience of neighbourhoods
- Supports local culture, arts and heritage projects
- Improves green spaces
- Supports the capacity of the voluntary and community sector
- 2. Supporting Local Business – The proposed strands take into account that ESIF business support programmes will be in place till September 2023. This strand includes the opportunity to develop projects to support the growth of; the socially trading sector, dedicated projects to support underrepresented groups, accessibility and alignment of business and innovation support with current challenges and opportunities. There is also an opportunity to invest in revenue projects which will support retail and services businesses operating in town centres.
- 3. People and Skills – The purpose of the proposed People and Skills interventions is to fill in the gaps in national delivery from April 2024 onwards, building upon the foundations and experience of delivery under the current ESIF programme.
The Combined Authority is currently undergoing an extensive engagement process to help build this investment plan, including with:
- Local MPs
- A newly established local partnership group (including representatives from the LEP, Universities, Local Authorities, voluntary sector, housing associations and many other relevant sectors).
This page will be updated as we receive further information about the Fund.
You can find out more about the UK government’s approach to UKSPF via the prospectus here.
Please sign up for engagement sessions via the links above.
If you have any questions, please contact [email protected]