UK Shared Prosperity Fund
What is the UK Shared Prosperity Fund
The UK Shared Prosperity Fund (UKSPF) exists to support the Government in levelling up the entire UK and overcoming deep-seated geographical inequalities, the funding is the government replacement for the ESIF, which expires in the UK in March 2023. This £2.6 billion fund (to be used by March 2025) will be spread across the entire UK and be invested in communities and place, support for local businesses and people and skills.
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. For full information on this, simply visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/delivery-geographies
What are the benefits of the UKSPF
It will help the government level up all parts of the UK by:
- Boosting core skills and support adults to progress in work - By targeting adults with no or low-level qualifications and skills in maths, and upskilling the working population.
- Breaking down barriers for those with limited access to skills – The fund will provide support to the long-term unemployed and those with protected characteristics, which otherwise would not have been available through national or local employment and skills provision.
- Supporting local skills provision – The fund will increase the volume of skills provision in each area and increase the number of routes in which training can be completed.
- Reducing levels of economic inactivity and increase employment prospects – The fund will allow investment in bespoke employment support tailored to the specific needs of each local area.
For full information on the UKSFP, simply visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus