UK Shared Prosperity Fund — £220m extra funding for ‘piloting and testing new approaches’

With thanks to Debbie Assinder who posted this on LinkedIn.

In the November Spending Review, the chancellor announced that £220 million will be allocated in 2021/22 to help local areas prepare for the introduction of the UK Shared Prosperity Fund (UKSPF).

From 2022 the  UKSPF replaces EU structural funds such as ERDF and ESF and will be worth about £1.5bn a year. The UKSPF will be allocated to bespoke employment and skills programmes tailored to the needs of local areas. Funding will also be targeted to the areas most in need, such as ex-industrial areas, deprived towns and rural and coastal communities.

While full details about the UKSPF will not be announced until spring 2021 it’s encouraging to see an explicit commitment to early funds being dedicated to enabling “communities to pilot programmes and new approaches”.

We must ensure that social enterprises and VCOs in local communities are ready and able to access these funds.

Read more on this story in the Local Government Chronicle 

Birmingham UK. Freelance research, evaluation and policy consultant specialising in social enterprise and the third sector. I maintain the BSSEC blog and website

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