UK Shared Prosperity Fund

How we're planning to invest in our area

The UK Shared Prosperity Fund (UKSPF) was launched by the government in early 2022 and is central to its ‘levelling up’ agenda, with £2.6 billion of funding set aside for local investment by March 2025.

The aim of the fund is to invest in domestic priorities by targeting funding where it is needed most – building pride in place – supporting high-quality skills, training and pay and investing in employment opportunities, innovation and productivity.

On 13 April 2022, the government announced that we've been allocated £3,559,318 from the UKSPF to fund local projects. In addition, we'll receive £1,385,368 from the government’s flagship Multiply programme, to support adults to improve their numeracy skills.

Our investment priorities

Our next step is to submit an investment plan, focused on three UKSPF investment priorities:

Communities and place

Strengthening social fabric and fostering a sense of local pride and belonging through investments in infrastructure, local green space and community-led projects.

Local business

Creating jobs and boosting community cohesion through investment in existing industries and institutions, support for those starting businesses, sharing knowledge and expertise, improvement in retail, hospitality and leisure facilities, networking and collaboration and stimulating innovation and growth.

People and skills

Boosting core skills and supporting adults to progress in work, supporting disadvantaged people to access the skills they need, supporting local areas to fund local skills needs, reduction in levels of economic inactivity by supporting those furthest from the labour market.

More information

Read more about the UKSPF on GOV.UK.

Please contact placedelivery@centralbedfordshire.gov.uk for more information.