To ask the Secretary of State for Business, Energy and Industrial Strategy, whether the purpose of the UK Shared Prosperity Fund is to replace the European Structural and Investment Funds programme.
27 July 2021
The UK Shared Prosperity Fund will help to level up and create opportunity across the UK in places most in need, such as ex-industrial areas, deprived towns, and rural and coastal communities, and for people who face labour market barriers.
Spending Review 2020 set out the main strategic elements of the UK Shared Prosperity Fund in the Heads of Terms. The Government will publish a UK-wide investment framework later this year and confirm its funding profile at the next Spending Review.
The UK Shared Prosperity Fund is the domestic successor to the EU Structural Fund programme. It will maximise the benefits of leaving the EU through quicker delivery of funding, better targeting, better alignment with domestic priorities and by cutting burdensome EU bureaucracy.