The value of the UK Shared Prosperity Fund (UKSPF) will reach around £1.5bn a year on average, chancellor Rishi Sunak has announced.

Documents released alongside the Spending Review said the total domestic UK-wide value of the UKSPF would eventually ‘at least match current EU receipts’.

A portion of the UKSPF will target places most in need across the UK, such as ex-industrial areas, deprived towns and rural and coastal communities.

However, the exact profile of the UKSPF will not be determined until the next Spending Review, with the Government providing £220m of UK-wide funding to help local areas prepare over 2021/22 for its introduction.

Mr Sunak said: ‘The whole of the United Kingdom will benefit from the UKSPF and over time we will ramp up funding so that total domestic UK-wide funding will at least match EU receipts, on average reaching around £1.5bn a year.’