Forest of Dean Allocated £1M in the 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. 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 via a funding formula rather than a competition. It will help places right across the country deliver enhanced outcomes and recognises that even the most affluent parts of the UK contain pockets of deprivation and need support.

It seizes the opportunities of leaving the European Union, by investing in domestic priorities and targeting funding where it is needed most: building pride in place, supporting high quality skills training, supporting pay, employment and productivity growth and increasing life chances. It will reduce the levels of bureaucracy and funding spent on administration when compared with EU funds. It will enable truly local decision making and better target the priorities of places within the UK. It will lead to visible, tangible improvements to the places where people work and live, alongside investment in human capital, giving communities up and down the UK more reasons to be proud of their area.

Places will be empowered to identify and build on their own strengths and needs at a local level, focused on pride in place and increasing life chances. Local places will be able to use the Fund to complement funding such as the Levelling Up Fund, and mainstream employment and skills provision to maximise impact and simplify delivery.

The Fund’s interventions will be planned and delivered by councils and mayoral authorities across England, Scotland and Wales – ‘lead local authorities’, working closely with local partners and the Scottish and Welsh governments.

Allocation across the County: 

The UKSPF will support the UK government’s wider commitment to level up all parts of the UK by delivering on each of the levelling up objectives:

• Boost productivity, pay, jobs and living standards by growing the private sector, especially in those places where they are lagging
• Spread opportunities and improve public services, especially in those places where they are weakest
• Restore a sense of community, local pride and belonging, especially in those places where they have been lost
• Empower local leaders and communities, especially in those places lacking local agency

The primary goal of the UKSPF is to build pride in place and increase life chances across the UK. This aligns with Levelling Up White Paper missions, particularly: ‘By 2030, pride in place, such as people’s satisfaction with their town centre and engagement in local culture and community, will have risen in every area of the UK, with the gap between the top performing and other areas closing.’

Alongside economic pull and push factors, people’s lives are shaped by the social and physical fabric of their communities. The local mix of social and physical capital gives local areas their unique character and shapes where people choose to live, work and invest. Recognising the acute challenges town centres and communities have faced during the pandemic, this Fund will improve the places people live in, and support individuals and businesses. It will drive noticeable improvements that matter to local communities, foster local pride in place and increase life chances including health outcomes.

Read More