Greater Manchester leaders have outlined how they intend to use the city-region’s UK Shared Prosperity Fund award to invest in communities, create new jobs and support businesses to grow.
The UK Shared Prosperity Fund (UKSPF) replaces previous EU structural funds, with GMCA named as the lead authority for administering the fund in the city-region. So far, Greater Manchester leaders have set out plans for £38.6 million of investment out of the total £83.9 million allocated.
A total of £25.3 million will be invested in Greater Manchester’s 10 local authorities to support city and town centres, high streets, green space and arts and heritage across GM and £1.6 million to support the sustainability of the Greater Manchester VCSE sector. Funding would also be allocated to Greater Manchester Business Growth Hub to support local businesses over the next six months.
GMCA has also agreed to invest £15 million in a SME Workspace Fund, which will fund workspaces and support for businesses across Greater Manchester, and would also help spark town centre regeneration.
Cllr David Molyneux, GMCA lead for Resources and Investment, said:
“These ambitious proposals, spanning across three years, set out how Greater Manchester will use the UKSPF to seize our opportunities. Our investment plan includes a number of interventions to build places we can be proud of, a vibrant VCSE sector, a high-quality skills offer as well as supporting Greater Manchester’s businesses to grow and increase employment.
“Our proposals include support for our local authorities to improve and animate town centres, help for businesses to grow and thrive, as well as making sure our voluntary sector can build resilience. It is designed to deliver an economy fit for the future, ensuring all our communities will prosper and our city-region is the best place to grow up, get on and grow old.”
GMCA is expecting government approval of the Greater Manchester UKSPF Investment Plans from October 2022 onwards.
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