The government has announced the launch of a new UK Shared Prosperity Fund that will match previous EU funding schemes in all Local Enterprise Partnership (LEP) areas across the UK.
The scheme is set to deliver £2.6 billion between 2022 and 2025, delivering £1.5 billion in 2024/25 and matching the funding previously available through the European Social Fund and European Regional Development Fund prior to the UK’s exit from the EU.
The UK Shared Prosperity Fund will be used to allow local authorities to access money based on their priorities, such as regenerating high streets, reducing crime, or improve access to high quality jobs. The fund will form part of the UK’s levelling-up agenda to revive communities across the country and reverse disparities in investment and prosperity between regions.
While the scheme seeks to match previous EU funding in real terms in all LEP areas, the new levelling-up funding will give greater local discretion to how money is spent, and reduce the match funding requirement that had previously disadvantaged some poorer areas under EU schemes.
Secretary of State for Levelling Up, Michael Gove MP said:
“The UK Shared Prosperity Fund will help to unleash the creativity and talent of communities that have for too long been overlooked and undervalued.
“By targeting this funding at areas of the country that need it the most, we will help spread opportunity and level up in every part of the United Kingdom.”
Also included in the funding is a £559 million adult numeracy programme, Multiply, that will offered across the entire UK. The scheme will offer free personal tutoring, digital training, and flexible courses to people with low-level maths skills to improve confidence and access work opportunities.
Pictured: The Cheshire and Warrington LEP area.
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