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UK Shared Prosperity Fund

Volume 692: debated on Monday 19 April 2021

The UK shared prosperity fund will help to level up and create opportunity across the United Kingdom. The spending review 2020 set out the main strategic elements of the UKSPF in the heads of terms, and we will publish a UK-wide investment framework in 2021 and confirm a multi-year funding profile at the next spending review. We are providing an additional £220 million through the UK community renewal fund to help those areas to prepare for the introduction of the UKSPF.

Wales received £375 million a year under the EU structural funds but this Government’s levelling-up fund is giving Wales only £30 million a year, while the community renewal fund’s pilot projects split £220 million across the four nations. Can the Minister see why my constituents are already sceptical that this Government will fulfil their promise that Wales will receive “not a penny less”?

Levels of investment from EU structural funds will be higher across the United Kingdom in ’21-22 than they were in ’20-21. We are also finding additional UK funding to support our communities to pilot programmes and new approaches. The hon. Lady mentions the levelling-up fund. Her local authority will receive £150,000 capacity funding support with that bidding process. As we set out in the spending review, funding for the UKSPF will ramp up so that total domestic UK-wide funding will at least match EU receipts, reaching £1.5 billion a year. These funds will have a real, lasting impact on communities that will make a significant difference to tackling deprivation and inequality, and binding together our precious United Kingdom.

I thank the Minister for recognising when I met him last week that the UK shared prosperity fund will need to be more transparent in a way that the towns fund clearly was not. If he intends to keep this promise of more transparency, when will he consult on the UK shared prosperity fund that his Department committed to three years ago, and will his Department publish how much funding English regions will get?

The point that I made to the hon. Lady last week is that we have published all the details in the technical note that is set out on We thought that was the right thing to do. At the spending review last year, we set out the main strategic elements of the UKSPF in the heads of terms. The funding profile will be set out at the next spending review and we will publish further details in a UK-wide investment framework later this year. In the meantime, the community renewal fund will deliver real, lasting change into communities right across the country. It will tackle inequality and deprivation in some of the communities that need it the most and were neglected for so long by Labour, and of course one of its key aims will be to work to bind together our precious Union.