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.
Programmes and live projects
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
The council developed an investment plan on how Plymouth will allocate this funding. The funding will start to become available by the autumn.
Read the investment plan that Plymouth submitted, which includes the strengths and opportunities we were required to identify for this funding.
Additional information recently published by GOV.UK provides greater detail on the fund, including definitions of the required outputs and outcomes.