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UK Shared Prosperity Fund (UKSPF)

Tees Valley is an area of challenge and opportunity. Our region is rapidly transforming to realise new economic opportunities, whilst addressing some of the structural economic challenges and imbalances that have faced our area for too long

What is UKSPF?

The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK Government’s ambitious Levelling Up agenda and a significant component of its support for places across the UK. All areas of the UK receive an allocation from the Fund via a funding formula rather than a competition. It will help places right across the country deliver enhanced outcomes and recognises that even the most affluent parts of the UK contain pockets of deprivation and need support.

UKSPF forms part of a suite of complementary levelling up funding. It must complement and not duplicate other resources e.g. Adult Education Budget, European Structural Investment Funds (remaining delivery) Levelling Up Fund, Town Deals, Future High Street Fund, Community Renewal etc.

What does it mean for Tees Valley?

Tees Valley has a conditional allocation of £46.3m from April 2022 – March 2025, which is predominantly revenue.

TVCA is the designated Lead Authority and is required to submit an Investment Plan by 1 August 2022. This submission will set out indicative allocations to the following priorities for the period April 2022 – March 2025.

This submission will not determine all projects, activities or delivery models and TVCA will continue to work with partners. Existing EU funded activity in the region will come to an end at varying points in this period (2023 onwards) and there will be a transparent process to commit available funds to projects that deliver the priorities set out in the UKSPF investment plan using open calls for activity and/or partners and where relevant partnership co-development of activity. We are working with partners through existing networks ie. Skills Advisory Group, SME Growth Advisory Group etc to shape the development of our Investment Plan. A Local Partnership Group will soon be established to oversee the UKSPF in Tees Valley.

In addition to this, the Multiply Adult Numeracy Programme (led by DfE) will require a separate Investment Plan to be submitted by 30 June and this funding is allocated to deliver specific activity.

What next?

We will:

If you have any questions, please contact sue.donnelly@teesvalley-ca.gov.uk