Martin Ford 27 October 2021

Budget 2021: Chancellor unveils Shared Prosperity Fund

Budget 2021: Chancellor unveils Shared Prosperity Fund image

The chancellor Rishi Sunak has revealed the first details of the long-awaited UK Shared Prosperity Fund (UKSPF).

Initially worth over £2.6bn across three years, funding will rise to £1.5bn a year by 2024/25.

The fund will at least match the European Union scheme it has replaced in each nation and in Cornwall each year, and the Government has promised it will ‘better tailor funding to local needs across the UK’.

The Budget Report says the fund is designed to ‘help people access new opportunities in places of need’.

There is a strong emphasis on ‘skills and employment focused programmes’, with £560m already committed to the flagship ‘Multiply’ programme revealed by the chancellor in his speech.

Multiply will run across the UK and is intended to reach hundreds of thousands of adults who struggle with numeracy skills.

Alongside the Budget, Marsham Street has announced the successful projects in the first bidding round for the £4.8bn Levelling Up Fund.

The Government hopes the fund will help to remove siloes ‘to best meet local needs’ and the 100 winning projects range from local transport to cultural assets.

Sharing in the £1.7bn first tranche are a medical training facility in Bolton, a marketplace in Aberdeen, and theatre redevelopment in Brecon.

The funds will be joined by a £9m ‘Levelling Up Parks’ fund to be awarded in 2022-23, which will create more than 100 new green spaces across the UK in urban areas.

Key Cities chair and Salford deputy mayor Cllr John Merry responded: ‘Key Cities welcomes the Government’s renewed focus on levelling up ingrained inequalities and on green growth, but funding is only part of the story.

Much of the funding available asks all our places to compete, which is completely counter-productive, and reduces, not enhances innovation. Instead, funding should be targeted to leave no areas behind, and those local and regional authorities charged with delivery of this agenda are enabled to do so successfully.’

Jonathan Carr-West, chief executive of the Local Government Information Unit (LGIU) said: ‘For those who believe that levelling up can only succeed in partnership with local government, there was little grounds for optimism in this budget which continues to be allocated through bid funding and regional and sub-regional authorities getting the largest chunks of it.’

Photo: Steve Cadman/flickr

For your free daily news bulletin
Highways jobs

Assistant Director - Prevention and Service Development

North Yorkshire County Council
£86,252- £98,275 plus relocation support (up to £8,000)
Come and Join Team North Yorkshire! County Hall and around the county, including from home
Recuriter: North Yorkshire County Council

Principal Transport Development Planner

Suffolk County Council
£39,759 per annum (pro rata if part time)
A great opportunity to join the Suffolk County Council's Transport Strategy Team as a Principal Transport Development Planner. Suffolk County Council, Ipswich IP1 2BX
Recuriter: Suffolk County Council

Senior Manager - Asset and Network

Cheshire West & Chester
£56,593 - £62,792
This is a brand-new role developed out of our vision for the future of the recently established Transport and Highways directorate. Chester, Ellesmere Port, Winsford
Recuriter: Cheshire West & Chester

Provider Development Manager

North Yorkshire County Council
£50,183 - £58,379 plus relocation support (up to £8,000)
Come and Join Team North Yorkshire! County-wide – Hybrid
Recuriter: North Yorkshire County Council

Head of Integrated Care

North Yorkshire County Council
£60,567 - £69,001 plus relocation support (up to £8,000)
Come and Join Team North Yorkshire! North Yorkshire
Recuriter: North Yorkshire County Council

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.