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UK Shared Prosperity Fund update

Published : 16/12/22 | Categories: Funding |

We run through the latest information available on the UK Shared Prosperity Fund.

Following a quiet autumn on the UK Shared Prosperity Fund (UKSPF) front the UK Government has recently announced the approval of the four regional investment plans submitted by Welsh lead local authorities in the summer.

THE LATEST NEWS

This means that funding allocations for this financial year will soon be released to local authorities to spend on interventions across the three priority areas of the Fund.

Local authorities are now working on agreeing their funding agreements with UK Government before they can announce further details on how the Fund will be delivered, therefore it is currently anticipated that the implementation of the UKSPF will not begin before early 2023. While all the systems and structures are being set up to deliver the Fund, potential applicants are encouraged to start to engage with their local authorities about their project ideas to make sure they are in a good position to submit their bids once applications open.

DETAILS FROM COUNCILS

A number of Councils have already published some information on their websites about their regional investment plans, priority interventions and proposed application processes. Details about the UKSPF in North Wales can be found on the Ambition North Wales website, with links to the UKSPF webpages of all six local authorities. Ceredigion County Council and Powys County Council have also published some information, including the Mid Wales Regional Investment Plan. It is important that you understand these documents before engaging with your local authority to make sure the activity/project you have in mind aligns with them.

STAY UP TO DATE

We will keep the voluntary sector updated as and when any further information becomes available in the new year. You can sign up to our newsletter to receive any UKSPF updates and more in your inbox

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