UK Shared Prosperity Fund

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. The fund is being managed on a local level by Councils and combined authorities.

West Lancashire Borough Council have received a notional allocation of £4.256m for a 3 year funding period until March 2025 and to make use of this funding, the Council is required to develop a multi-year local investment plan that is consistent with national guidance.

Purpose

The UKSPF will focus on three priorities;

  • Community and Place: Increasing people’s satisfaction with their town centres and strengthening community's social fabric whilst developing and nurturing a sense of local pride, belonging, resilience and culture;
  • Supporting Local Business: By 2030, working opportunities, pay, employment and productivity will have risen in every area of the UK alongside community cohesion, networking and collaboration opportunities;
  • People and Skills: By 2030, well-being will have improved in every area of the UK with core skills being boosted, disadvantaged people being supported to access skills and there will be a growth in local adult skills provision. Levels of economic inactivity will have reduced.

It is up to each individual area to assess what their part of the funding will be used towards, and these ideas must be submitted back to the Department for Levelling Up Housing and Communities (DLUHC) in the form of an investment plan.

Scope

The Council is required to submit a bid to the UK Prosperity fund by 1st August 2022. Decision on the spend will be finalised by Cabinet following consultation and Expressions of Interest from local communities, economic and strategic partners and stakeholders and neighbouring Councils and authorities.

Any funded allocated through the Shared Prosperity Fund must align with the Council's values and priorities, relevant policies and strategies and economic requirements.

Future announcements about the UK Shared Prosperity Fund, including final dates for any Expressions of Interests to be submitted, will be shared on this page. If you have any questions about the UKSPF or would like to know more information, please contact UKSPF@westlancs.gov.uk