UK Shared Prosperity Fund - background information
The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK Government’s Levelling Up agenda, and a significant component of its support for places across the UK. It provides £2.6 billion of new funding for local investment by March 2025. It replaces European Structural and Investment Funds (ESIF) such as the European Regional Development Fund (ERDF) and the European Social Fund (ESF).
UK Shared Prosperity Fund - Background Information
The UK Shared Prosperity Fund (UKSPF) 2022-25 and the Rural England Prosperity Fund (REPF) capital grant programme formed part of the previous Government’s wider commitment to level up all parts of the UK. The overarching aim of the fund was to build pride in place and increase life chances.
The new Government announced a ‘transition’ year of UKSPF funding from April 2025 to March 2026, with an intention of it evolving into a future funding framework from 26/27. This extension gives Local Authorities the stability and flexibility to deliver the most important local projects and provides certainty of funding to places in advance of wider local growth funding reforms.
The Government has advised that it is keen for lead authorities to retain and build on the original ethos of the prior programmes. The 2025/26 transition should be treated as a continuation of the UKSPF to support activities, including continuation of existing activity where appropriate. It must be committed and spent by March 2026, and any unspent funds will need to be returned.
The Government has set out an ambitious plan for change, focused on 5 national Missions: ambitious, measurable, long-term objectives that provide a driving sense of purpose for the country.
Cumberland Council has been allocated £3,463,046, and will continue to support businesses and communities to address identified local challenges.
Investment priorities
Our investment plans for the UKSPF in 2025-26 will be:
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High streets and town centres improvements
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Development of the visitor economy
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Improving health and wellbeing
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Bringing communities together
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Advice and support to businesses
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Supporting people to progress towards and into employment
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Employment-related skills and essential skills
We are still awaiting information on REPF.
Local Partnership Group
A Local Partnership Group made up of local stakeholders from strategic organisations across the Cumberland area and wider region was established in 2022 to provide advice on the strategic fit and deliverability of UKSPF and REPF projects.
Keeping in touch
You can keep up to date with news, activity, and events related to the UK Shared Prosperity Fund in Cumberland by checking this webpage, or through joining our UKSPF Mailing List by emailing economic.growth@cumberland.gov.uk