UK Government Shared Prosperity Fund

View of the valley community  

The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills.

The UKSPF will support the UK government’s wider commitment to level up all parts of the UK by delivering on each of the levelling up objectives:

- 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. 

Visit the government website for further information.

 

Cardiff Capital Region Investment Plan

Where the Fund operates over a strategic geography, the local allocations are aggregated, and a designated lead authority given overall accountability for the funding.

The Cardiff Capital Region (CCR) has a total aggregated notional allocation of £278.5M which is the highest allocation of all Welsh regions.

Rhondda Cynon Taf Council, as the designated lead authority, will receive the area’s allocation and undertake strategic management of the fund.

Visit the Cardiff Capital Region website to view the Investment Plan.

 

In Caerphilly County Borough

All places in the UK will receive a conditional allocation from the UKSPF. Caerphilly County Borough has a conditional allocation of £28,272,298, and an allocation of £5,901,499 for *Multiply (*UK Gov Adult numeracy programme) up to March 2025.

Interventions will therefore be adapted to suit local characteristics and the differing challenges and opportunities across the region.

Within the plan, the core SPF is allocated across the investment priorities as follows:

- Communities and Place - to enable places to invest to restore their community spaces and relationships and create the foundations for economic development at the neighbourhood-level;
‚Äč- Supporting Local Business - to enable places to fund interventions that support local businesses to thrive, innovate and grow;
- People and Skills - to help reduce the barriers some people face to employment and support them to move towards employment and education. Places can also target funding.