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UK Shared Prosperity Fund (UKSPF)

Introduction to UKSPF

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, by investing in communities and place, supporting local business and people and skills.

UKSPF in Gateshead

Gateshead has been allocated £11,634,466 through the UKSPF to support activity across the three investment priorities for the period 2022/23, 2023/24 and 2024/25.

In August 2022 an Investment Plan was submitted to UK Government setting out evidence of local challenges and opportunities that the Council, as a lead authority, intends to use UKSPF to support and which of the three priorities they fall under.

UKSPF and the Economic Development Strategy

Gateshead already has an Economic Development Strategy that sets out five strategic policy objectives:

  • building the economy of the future
  • supporting businesses
  • helping people
  • shaping future places
  • improving connectivity

These provide a framework for collaboration with a wide range of regional and local partners, communities and citizens who are determined to make Gateshead a place where everyone can thrive. 

The UKSPF Investment Plan supports the Economic Development Strategy and its five objectives and has identified priority interventions and activities that can be delivered between now and March 2025.

Next Steps

Gateshead has now received approval from Government of its UKSPF Investment Plan. This was confirmed on 5 December 2022. Investment opportunities will be available on this website in due course.

Below is a breakdown of funds.

Investment Priority

2022/2023

2023/2024

2024/2025

Communities & Place

£925,703

£1,235,484

£4,049,349

Supporting Local Businesses

£436,731

£1,152,674

£1,923,204

People & Skills

£49,516

£435,742

£1,426,064

Total

£1,411,950

£2,823,900

£7,398,617

 

For more information on UKSPF, visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus

For any enquires please email ukspf@gateshead.gov.uk