Briefing for UK Shared Prosperity Fund debate, 5 September 2019
The Industrial Communities Alliance is the all-party association representing some 60 local authorities in Britain. The UK Shared Prosperity Fund will be key to the further economic development and regeneration of Alliance and other areas, building on the vital groundwork laid by successive rounds of EU regional funds.
The state of play
EU regional funds invest £1.3bn a year into the UK. Less prosperous places receive the most.
We welcome the present government’s commitment to bringing forward plans for the UKSPF.
We understand the government is actively considering ‘rolling in’ England’s share of the Local Growth Fund to the UKSPF.
The postponement of the Spending Review heightens the risk of a delay to the rollout of the UKSPF.
We support the APPG on Post-Brexit Funding’s position that the UKSPF budget needs to be £4bn a year if the Local Growth Fund is rolled in or £1.8bn a year if it is not. [Read the note]
We support the APPG’s recommendations on how many aspects of the new Fund should be designed and delivered. [Read the report]
The new Fund needs to be fully operational from January 2021 so that there is no hiatus in support for the regions. Early decisions are needed on the budget for the Fund, allocations across the UK and to local areas within England, spending priorities and management.