UK Shared Prosperity Fund
Public engagement webinar – 22 June 2022, 2pm
Plymouth City Council will be hosting a public engagement webinar on the UK Shared Prosperity Fund on 22 June 2022 at 2pm. This will be a virtual event hosted on Microsoft Teams and will include a chance to discuss the priorities of the fund and provide feedback.
Register your interest in the webinar by emailing UKSharedProsperityFund@plymouth.gov.uk and putting ‘Register of Interest – Webinar’ in the email subject line.
The UK Shared Prosperity Fund Prospectus has been published by Government. It provides information about how the fund will operate.
The government has allocated Plymouth £3,131,412 for 3 years which will be shared across the three investment priority groups:
- Place & Community
- Business & Innovation
- Skills & People
In addition, we have been allocated £1,317,533 for Multiply, the Government’s adult education programme (also for three years).
The council has to develop an investment plan on how Plymouth will allocate this funding by the end of July. The investment plan has to be approved by government and funding will start to become available by the autumn.
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 through a funding formula rather than a competition.
You can read the UK Shared Prosperity Fund prospectus page for more information.
The Fund has three investment priorities: community and place, supporting local businesses and people and skills; all overarched by one objective, building pride in place and increasing life chances. Plymouth’s Core UKSPF allocation was £3,131,412.
For England, a blended approach was taken to allocate funding to each place. The blended approach takes into account the following:
- Maintains EU structural fund distributions, 70% is allocated on a per capita bases.
- 30% of the allocation uses the same needs-based index previously used in identifying UK Community Renewal Fund priority places, predominantly:
- Household income
- Productivity – place with lower population density
View the full methodological note.
UKSPF also introduces the Multiply programme. This is a new, up to £559 million, programme to help transform the lives of adults across the UK, by improving their functional numeracy skills through free personal tutoring, digital training, and flexible courses. Plymouth’s allocation for the Multiply programme was £1,317,533.
If you have any questions for Plymouth City Council regarding the UK Shared Prosperity Fund please email UKSharedProsperityFund@plymouth.gov.uk