What is the Shared Prosperity Fund?
The UK Shared Prosperity Fund (UKSPF or the Fund) is a central pillar of the UK government’s ambitious Levelling Up agenda and a significant component of its support for places across the UK. It provides £2.6 billion of new funding for local investment by March 2025, with all areas of the UK receiving an allocation from the Fund via a funding formula rather than a competition. It will help places right across the country deliver enhanced outcomes and recognises that even the most affluent parts of the UK contain pockets of deprivation and need support.
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What does the Shared Prosperity Fund aim to accomplish?
The UKSPF will support the UK government’s wider commitment to level up all parts of the UK by delivering on each of the levelling up objectives:
- Boost productivity, pay, jobs and living standards by growing the private sector, especially in those places where they are lagging.
- Spread opportunities and improve public services, especially in those places 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.
Please find below our range of in-progress SPF projects:
Multiply – Numeracy Matters
This project focuses on supporting local employers in developing the numeracy skills of their workforce.
Net Zero Skills Development (Powys)
This project provides employers with tailored support and information relating to Net Zero Skills Development.
Insulating Powys
This project aims to build capacity within the local installer sector and build demand for housing insulation in existing properties in Powys.
Growing Mid Wales Careers (Powys)
This project aims to develop a work experience application that can be used by both employers and academia in Powys.
