Listen to this article here
|
The UK government has announced £2.6 billion of levelling-up funding to match previous EU schemes across all Local Enterprise Partnerships (LEPs) in the UK.
The UK Shared Prosperity Fund will be used to allow local authorities to access funds based on their priorities, such as regenerating high streets, reducing crime, or improve access to high quality jobs. The fund will form part of the UK’s levelling-up agenda to revive communities across the country and reverse disparities in investment and prosperity between regions.
The funding will replace funding from the European Social Fund and European Regional Development Fund following the UK’s departure from the European Union.
The UK Shared Prosperity Fund will match EU funds that it replaces by the financial year 2024/25, giving each LEP area in England the same in real terms as it did under previous schemes. The new levelling-up funding, however, will give greater local discretion to how money is spent, and reduce the match funding requirement that had previously disadvantaged some poorer areas under EU schemes.
Secretary of State for Levelling Up, Michael Gove MP said:
“The UK Shared Prosperity Fund will help to unleash the creativity and talent of communities that have for too long been overlooked and undervalued.
“By targeting this funding at areas of the country that need it the most, we will help spread opportunity and level up in every part of the United Kingdom.”
Also included in the funding is a £559 million adult numeracy programme, Multiply, that will offered across the entire UK. The scheme will offer free personal tutoring, digital training, and flexible courses to people with low-level maths skills to improve confidence and access work opportunities.