UK Shared Prosperity Fund
The UK Shared Prosperity Fund (UKSPF) is a new three-year fund running from 2022/23 that will replace European Structural and Investment Funds (ESIFs) such as the European Regional Development Fund (ERDF) and the European Social Fund (ESF).
The West Midlands Combined Authority (WMCA), as Lead Authority, have been awarded just over £88 million of the UKSPF, this means that the WMCA will administer UKSPF for the West Midlands 7 metropolitan councils.
The purpose of the UKSPF is to build pride in place and increase life chances across the UK, this will be achieved through three UKSPF priorities:
Communities and Place
- strengthening our social fabric
- fostering a sense of local pride and belonging
- building resilient and safe neighbourhoods
Local Business Support
- Creating jobs and boosting community cohesion by supporting local businesses
- promoting networking and collaboration and stimulating innovation and growth
• targeted support to help businesses growth – for example: innovation, productivity, energy efficiency, low carbon and exporting
People and Skills
- boosting core skills and supporting adults to progress in work
- supporting disadvantaged people to access the skills they need
- funding local skills needs and supplementing local adult skills provision
- reducing level of economic inactivity and supporting those furthest from the labour market
The WMCA is required to produce a local UKSPF Investment Plan. The plan will set out how UKSPF priorities will be delivered by setting out local priorities, preferred delivery routes and the local measurable outcomes to be delivered by UKSPF over the next three years.
A copy of the WMCA UKSPF Investment Plan can be found here.
This was submitted and approved by Government on the 5th December 2022.
In the first two financial years (2022/23 and 2023/24) the UKSPF will focus on communities and place and local business interventions. Alongside this will be support for people and skills through the Multiply adult numeracy programme. Further investment to support people and skills will follow from 2024/25 when UKSPF funding reaches its full extent.
For further information see UK Shared Prosperity Fund: prospectus - GOV.UK
UKSPF Investment Plan
WMCA UKSPF Investment Plan
UKSPF Local Partnerships Group
WMCA UKSPF Local Partnership Group
Learn about Multiply
If you have any questions please email the WMCA SPF Programme Team at: UKSPF@wmca.org.uk