As part of the Government’s plan to level up the country, it has revealed plans for the UK Shared Prosperity Fund (UKSPF), which is set to work to reduce regional inequalities.
This UK Shared Prosperity Fund is to replace funding formerly provided by the European Union (EU) and amounts to £2.6 billion, which is to be divided across local authorities by March 2025.
With regards to the UKSPF, the Government has the ambition to use the funding to invest in communities, and local businesses, as well as focusing on people and skills.
With many charities already working towards resolving a range of issues within communities, such as offering training for employment, charities are set to receive funding from the UKSPF, to further their efforts.
Ahead of obtaining the funding, local authorities will be required to liaise with charities and community groups to inform how it will be allocated within the local area and outline a detailed plan for going forward.
However, whilst the fund launched on 13 April 2022, the investment plan window is set to open on 30 June 2022, which gives local authorities under two months to form plans.
Furthermore, the outlined goals may not be easily attainable, with charities warning of the risks posed by delays to the funding.
As mentioned in the Government’s announcement, the money assigned for the people and skills agenda will not be available until 2024, and charities will not receive the funding they require to pursue these goals, which are set to be achieved by 2030, until then.
Therefore, charities must explore additional options for obtaining funding to continue their efforts.
If you require assistance with identifying funding opportunities, contact our charity team today.