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UK Shared Prosperity Fund update

19 April 2022

Proposing MP
Neil O'Brien Con
Harborough, Oadby and Wigston
Type
Written Ministerial Statement
Department
Department for Levelling Up, Housing and Communities
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At a Glance

Issue Summary

The statement announces the launch of the £2.6 billion UK Shared Prosperity Fund and its objectives to level up communities by supporting skills training, pay growth, and increasing life chances.

Action Requested

Local authorities are requested to develop local investment plans within three months after receiving their allocation from the Fund, which will be matched with EU funding levels for three financial years. Once agreed upon, these plans will unlock three years of investment.

Key Facts

  • The UK Shared Prosperity Fund is a £2.6 billion programme announced by the Department for Levelling Up, Housing and Communities.
  • Local authorities receive at least £1 million each, with funding matching EU levels in Scotland, Wales, Northern Ireland, and English LEP areas.
  • Multiply, an adult numeracy programme, will receive up to £559 million in funding.
  • The Fund provides a three-year allocation period for local authorities, aiming to approve investment plans within three months.
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