UK SHARED PROSPERITY FUND (UKSPF)

Published 19 May 2022 at 9:38am

The UK Shared Prosperity Fund (UKSPF) is an economic development fund and part of the UK Central Government's Levelling Up agenda. The fund is replacing EU Structural and Investment Funds following the UK’s exit from the EU.

Government has pre-allocated funds, using a funding formula, for every part of the UK for the years 2022-23, 2023-24 and 2024-25, for both the core UKSPF and an adult numeracy programme, called Multiply. The South Yorkshire UKSPF allocation over the three years totals £46.162m, made up of £38.9m “core” UKSPF and £7.2m for Multiply .

The South Yorkshire Mayoral Combined Authority has been identified by Government to be the lead authority to submit an Investment Plan to access the funding by 1 August 2022.

The Investment Plan will address the three UKSPF investment priorities: communities and place; supporting local business; and people and skills.

The plan will set out how UKSPF priorities will be delivered by addressing local opportunities and challenges through a selection of interventions based on the local context. The South Yorkshire Investment Plan will closely align to South Yorkshire Mayoral Combined Authority’s Strategic Economic Plan.

To help inform and develop the Investment Plan and maximise the impact of the selected interventions, SYMCA and our Local Authority partners will be engaging with relevant stakeholders. We will publish further information on this via our website, so please ensure you keep checking back for the latest updates.

Further Government guidance on the UKSPF can be found here.