Shared Prosperity Fund

The UK Government recently set out its plans for the Shared Prosperity Fund. The Vale of Glamorgan Council has been allocated a total of £14m to invest over three years.

 

How will the Shared Prosperity Fund work?

The Shared Prosperity Fund (SPF) is the UK Government’s replacement for EU Structural Funds. On 13 April the UK Government published the prospectus for the SPF. It will invest in:

  • communities and place;

  • supporting businesses; and

  • people and skills

 

The UK Shared Prosperity Fund is the main source of funding being made available to replace the European Regional Development Fund and European Social Fund that are no longer available following the UK’s withdrawal from the European Union.

 

The Shared Prosperity Fund in the Vale of Glamorgan

The Vale of Glamorgan Council has been allocated a total of £14m to invest over three years.

 

It presents the opportunity to attract funding for businesses and communities, as well as upskilling for local people.

 

We now have the opportunity to accelerate our plans for the fund and build on our emerging Corporate Plan themes. We will develop an investment plan to deliver fair employment and good work for all, and create and develop sustainable places and communities that we can be proud of.

 

The investment plan will be submitted to government by 1 August 2022. To develop our local investment plan, we will work in partnership with councillors, MPs and local stakeholders including businesses and residents.

 

Whether you’ve ideas for this year or would like to work with us to develop collaborative projects in years 2 and 3, we’d welcome your contact as soon as possible. Where we hear from groups, businesses and organisations from similar fields, we’re likely to explore working with you collectively.

 

Have your say

 

The SPF is funded until March 2025. The UK Government is using powers from the Internal Market Act 2020 to provide funding to local areas across the UK.