UK Shared Prosperity Fund 2022-25

What is it?

The UK Government has recently launched the Shared Prosperity Fund as a central pillar of its Levelling Up agenda and a replacement for EU Structural Funds. The primary goal of the fund is to build pride in place and increase life chances across the UK. The three investment priorities are community and place, supporting local business and people and skills.

The fund seeks to support projects that can deliver across one or more of the following themes:

• Boost productivity, pay, jobs and living standards by growing the private sector, especially in those places where they are lagging.
• Spread opportunities and improve public services, especially in those places where they are weakest
• Restore a sense of community, local pride and belonging, especially in those places where they have been lost
• Empower local leaders and communities, especially in those places lacking local agency

The Multiply programme is a key component of the fund. This includes a UK-wide digital platform for adult numeracy, giving people the ability to learn at their place and pace.

This is a three-year funding project worth £2.6 billion across the UK. Funding is confirmed for three financial years- £400 million for 2022-23, £700 million for 2023-24 and £1.5 billion for 2024-25. The projected funding for Glasgow is £27.2m over these 3 years.

For more information regarding the funding scheme and access to the full prospectus, please visit the UK Government Website here. For information on the approach being taken in Glasgow, please visit our website here.

We hosted a Stakeholder Information Session on the 4^th of August 2022, the information slides for this session can be accessed  here [1Mb].

Frequently Asked Questions (FAQs)