The two Combined Authorities in the North East have released summary information on their Investment Plans for the UK Shared Prosperity Fund. These plans set out to Government how the lead authorities would like to invest their allocation of UK Shared Prosperity Fund (UK-SPF) for the three years of 2022-2025. The Investment Plans need to be based on evidence of local priorities and need and Government guidance also outlined a requirement to consult widely on the plans, and to ensure that they complement and not duplicate existing local and national funding and activities.
In addition, both Combined Authorities have established UK-SPF Partnership Groups which will support the Combined Authorities to further develop their plans, oversee programme management and advise on strategy and delivery of the funding.
In the Tee Valley Jon Carling from Catalyst Stockton is representing the VCSE sector on the UK-SPF Partnership Group and in the North of Tyne, Carol Botten from VONNE is the sector representative.
You can find out more about the Tees Valley UK Shared Prosperity Fund here: UK Shared Prosperity Fund (UKSPF) - Tees Valley Combined Authority (teesvalley-ca.gov.uk)
And the North of Tyne here: UK Shared Prosperity Fund - North of Tyne - NTCA (northoftyne-ca.gov.uk) Their summary Investment Plan document is also available to download from this page.
Next steps
The Government has indicated that plans will be approved in October, following which the lead authorities will work at pace to start delivering their plans, which includes the Multiply programme to enhance numeracy and other basic skills.
What is UKSPF?
The UK Shared Prosperity Fund (UK-SPF) 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. All areas of the UK receive 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.
UKSPF forms part of a suite of complementary levelling up funding. It must complement and not duplicate other resources e.g. Adult Education Budget, European Structural Investment Funds (remaining delivery) Levelling Up Fund, Town Deals, Future High Street Fund, Community Renewal etc.
For more information, visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus