The proposed UK Shared Prosperity Fund (UKSPF) must be worth at least £28bn over seven years if the UK is to deliver its devolved policy objectives, a leading sector body has warned.

An analysis by the Core Cities group, which represents the 10 largest UK cities outside of London, concluded that the UKSPF must be worth at least £4bn a year until 2026 - double the current £2.1bn allocated annually through EU structural funds.

The study said the Core Cities – which include Manchester, Glasgow and Cardiff – must convince ministers that the size of the UKSPF should not be determined by previous levels of EU structural funding, but should instead reflect need, linked to the objectives of the industrial strategy and Government plans to reduce economic inequalities.

For more on this exclusive story, visit The MJ (£).