UK Shared Prosperity Fund
The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK Government’s Levelling Up agenda. The fund provides £2.6 billion of new funding for local investment by March 2025. All UK areas will receive an allocation via a funding formula rather than a competition.
The fund will replace some parts of European Structural and Investment Funds. It will invest in local priorities and target funding where there is evidence of need including:
- Building pride and place
- Supporting high quality skills and training
- Supporting pay, employment and productivity growth
- Increasing life chances
Funding available to Neath Port Talbot
Neath Port Talbot's funding allocation is £27.3 million over 3 years, from April 2022 to March 2025 .
The Fund is a mix of revenue and capital funding and has been ‘unlocked’ via a Regional Investment Plan. The Investment Plan was approved by the UK Government in December 2022.
In addition to this core UKSPF funding, there is funding specific to ‘Multiply’ which is currently focused on adult numeracy.
What to use funding for
There are 3 UKSPF Investment Priorities:
- Community and Place
- Strengthening our social fabric
- Community infrastructure
- Local green spaces
- Community-led projects
- Building resilient, safe and healthy neighbourhoods
- Supporting local business
- Creating jobs and boosting community cohesion;
- Promoting networking and collaboration
- Increasing private sector investment in growth-enhancing activities
- People and Skills
- Boosting core skills and support adults to progress in work
- Reducing levels of economic inactivity through investment in bespoke intensive life and employment support
- Supporting people furthest from the labour market to overcome barriers
- Supporting local areas to fund gaps in local skills provision to support people to progress in work, and supplement local adult skills provision.
There are a number of pre-approved ‘interventions’ linked to each of the three priorities and projects will need to be developed in line with these flexible interventions.
Outputs and outcomes
There are specific outputs and outcomes which need to be delivered by UKSPF projects and these outputs and outcomes will be monitored and reported.
How funding will be delivered
To ensure an evidence based, targeted approach to delivering the UKSPF the following implementation approach will be adopted.
All UKSPF funded projects need to address the challenges and opportunities are outlined in the South West Wales Regional Investment Plan.
UKSPF will be delivered through:
These are themed projects managed by anchor teams that address the challenges and opportunities in the Investment Plan and deliver major parts of the Investment Plan.
The approved anchor projects for Neath Port Talbot are:
Grant Schemes are integrated into the anchor projects to ensure alignment and complementarity of provision with the anchors and UKSPF priorities and will address the challenges and opportunities identified in the Investment Plan.
The grant schemes will be available for voluntary and community groups (also town and community councils) and businesses.
These will be invited by competitive bidding rounds to fill clear gaps in delivering the Investment Plan and meet local need, align to anchor projects, and are not being met by the anchor projects and grant schemes.
How to apply
Further information is available:
- UK Shared Prosperity Fund Prospectus - a comprehensive overview of the Fund
- View all funding documentation published by UK Government
- The South West Wales Regional Investment Plan
If you have any queries or wish to register for updates, please email SPFNPT@npt.gov.uk