Update on the UK Shared Prosperity Fund

Further details on the UK Shared Prosperity Fund have been announced as part of the one year Comprehensive Spending Plan published on November 25th 2020.

The chancellor has given some details of the long awaited UK Shared Prosperity Fund. The UKSPF will focus on:

  • investment in people and skills tailored to local needs
  • investment in communities and place including cultural and sporting facilities, civic, green and rural infrastructure, community-owned assets, neighbourhood and housing improvements
  • investment in businesses.

 

Further detail on the UK Shared Prosperity Fund will emerge in the spring. The Government Spending Review talked of ramping up UKSPF funding to £1.5bn per year and also announced £220m funding for next year for local areas to pilot projects, but little detail on this has emerged.

NCVO has commented that although this sounds promising, some significant questions remain:

  • How much of the UKSPF – including the £220m for next year’s pilots – will go to marginalised communities, as opposed to supporting existing state provision?
  • Will charities play a meaningful role in the pilots? The sector’s knowledge and expertise will be particularly important given the lack of consultation on the UKSPF’s design.
  • Who will be responsible for distributing funding and identifying need for the UKSPF? We’d like to see this determined by local boards consisting of key stakeholders, including charities.

 

For more information please view the attached documents, which are UKSPF extracts from the Spending Review document, or visit: www.gov.uk/government/publications/spending-review-2020-documents.

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PDF icon SR2020 extracta.pdf93.16 KB
PDF icon SR2020page37.pdf26.52 KB