The UK Government has published the full Prospectus and supporting documents for the Shared Prosperity Fund (SPF). The Prospectus builds on the pre-launch guidance published in February 2022 and provides further details on the aims of the fund, the funding places will receive and the investment plan process.
The fund supports the levelling up objective of building pride in place and increasing life chances through three investment priorities:
In Wales, the UK Government supports delivery across the regional strategic geographies of South East Wales / Cardiff Capital Region, North Wales, Mid Wales, and South West Wales / Swansea Bay.
To access their allocation of funding, each local authority will work with local partners to agree measurable outcomes and interventions that reflect local needs and opportunities. These will need to be submitted in an investment plan for approval by UK government between 30 June and 1 August 2022. Funding is confirmed for three financial years, and all interventions must end by March 2025.
The fund also includes a new £559 million adult numeracy programme for the whole UK, Multiply, which will support people with no or low-level maths skills get back into work. The scheme will offer free personal tutoring, digital training, and flexible courses to improve adults’ confidence and numeracy skills.
The UK SPF Prospectus and supporting documents available can be seen via the UK Government website.
Individual authorities | Core UKSPF | Multiply | Total |
Blaenau Gwent | £23,301,572 | £4,863,920 | £28,165,492 |
Bridgend | £19,116,296 | £3,990,295 | £23,106,591 |
Caerphilly | £28,272,298 | £5,901,499 | £34,173,797 |
Cardiff | £34,587,594 | £7,219,740 | £41,807,334 |
Merthyr Tydfil | £22,698,977 | £4,738,136 | £27,437,113 |
Monmouthshire | £5,919,533 | £1,235,631 | £7,155,164 |
Newport | £27,177,563 | £5,672,986 | £32,850,549 |
Rhondda Cynon Taf | £37,320,994 | £7,790,305 | £45,111,298 |
Torfaen | £20,431,241 | £4,264,774 | £24,696,014 |
Vale of Glamorgan | £11,606,505 | £2,422,717 | £14,029,222 |
Total for the Cardiff Capital Region / South East Wales | £230,432,572 | £48,100,003 | £278,532,575 |
Vaughan Gething MS, Minister for Economy, has released a written statement on the publication, expressing concerns that the SPF does not meet the UK Government commitment to match the size of the EU funds Wales has had previously and would have qualified for; and that there is not enough focus on communities most in need.
View the UK SPF allocations methodology note on the UK Government website.
The statement by Vaughan Gething MS can also be viewed on the Welsh Government website.
The Strategic Forum for Regional Investment, comprising stakeholders from across Wales, continues to meet to discuss the Fund, with the minutes and papers available on the WG website.
UK Government have released the prospectus for Round 2 of the Levelling Up Fund, together with the technical note that provides the guidance on how to apply.
To apply for the investment funding, eligible applications can be submitted from Tuesday 31 May until Wednesday 6 July 2022.