UK Shared Prosperity Fund

Opened the debate

The MP sought to address the forthcoming Budget's impact on the UK shared prosperity fund (UKSPF). She highlighted the positive effects of the UKSPF in boosting economic growth, local communities, and regeneration efforts. Drawing from her experience as a former Medway council cabinet member, she detailed how the fund was used to support local community groups, businesses, and charities. Specific examples were given of high street events like the Chatham Chinese New Year Festival which saw significant footfall increases due to UKSPF funding. She also mentioned challenges such as short timescales for planning and single-year funding constraints, proposing a six to eight-year funding cycle as an improvement. The lead MP called for additional flexible revenue funding in next year's Budget to avoid a cliff edge effect at the end of March 2025.

Government Response

The Under-Secretary of State for Housing, Communities and Local Government thanked the MP for raising the debate. He acknowledged the importance of the UKSPF in supporting growth and regeneration across the United Kingdom. The Minister agreed on the challenges posed by short funding cycles and proposed a lighter touch approach to monitoring future funds, emphasising local decision-making rather than central restrictions. He stated that while the specific funding decisions are with the Chancellor, the Government is committed to resetting its relationship with local authorities for better outcomes. The Minister expressed interest in working closely with constituents to ensure smooth transitions towards new funding models and promised a more flexible approach to monitoring future initiatives.