UK Shared Prosperity Fund
The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding for local investment up to March 2025. This fund replaces European Union structural funds. The fund is focused on building pride in place, supporting high quality skills training, supporting pay, employment and productivity growth and increasing life chances in local places.
Ribble Valley Council has been allocated £1,967,754 over the three-year funding period (2022-2025). The following three core Priorities for the fund have been defined by Government:
- Communities & Place
- Supporting Business
- People & Skills
The Council will focus its allocation on the Communities & Place and Supporting Businesses priorities.
The council’s local Investment Plan, which includes an indicative idea of how the funds could be allocated across the two Priorities to benefit the Borough, was submitted in summer 2022 and approved by Government in December 2022. The first year’s allocation of £238,805 was received in January 2023.
In June 2023 the Department for Levelling Up, Housing & Communities confirmed that the Council’s submitted credible plan has been agreed and confirmed that the Council could utilise the Year 1 underspends alongside our Year 2 funding. The Council’s second year allocation of £477,610 was received in July 2023.