To ask Her Majesty's Government what progress they have made towards establishing the UK Shared Prosperity Fund.
6 October 2020
The Government understands the importance of local growth funding to places and people and is committed to creating the UK Shared Prosperity Fund to succeed European structural funds, providing vital investment in local economies, cutting out bureaucracy and levelling up those parts of the UK whose economies are furthest behind.
The 2019 Conservative Manifesto committed to targeting the UK Shared Prosperity Fund at the UK’s specific needs, at a minimum matching the size of European structural funds in each nation. This builds upon previous commitments to create a fund which tackles inequalities between communities by raising productivity, especially in those parts of the UK whose economies are furthest behind.
Final decisions on the design and operation of the UK Shared Prosperity Fund will need to be made following a cross-Government Spending Review.