UK Shared Prosperity Fund (UKSPF)
What is UK Shared Prosperity Fund?
The UK Shared Prosperity Fund is a central pillar of the UK Government's Levelling Up agenda and a significant component of its support for places across the UK. It provides £2.6 billion of new funding for local investment by March 2025, with all areas of the UK receiving an allocation from the fund.
UK Shared Prosperity Fund (UKSPF) will support the UK government's wider commitment to level up all parts of the UK by investing in the following 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
Underneath the overarching aim of building pride in place and increasing life chances, there are three UKSPF investment priorities: communities and place; supporting local business; and people and skills.
What does it mean for Gateshead?
Our vision for Gateshead is of a fairer, greener and more resilient economy that enables everyone to thrive and delivers good jobs, growing businesses and great places.
To overcome the challenges that we face and achieve our vision, we have identified five strategic policy objectives: Gateshead Economic Development Strategy. 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.
We need to build on our strengths, serve local needs and look to a vibrant economic future through a place-based approach that puts people and planet first.
We will use UKSPF to help achieve this vision, investing our allocation of £11,634,467 in our places, our businesses and our people.
| Investment priority | 2023/2024 | 2024/2025 | Total |
|---|---|---|---|
| Communities and place | £2,161,187 | £4,049,349 | £6,210,536 |
| Supporting local business | £1,589,405 | £1,923,204 | £3,512,609 |
| People and skills | £485,258 | £1,426,064 | £1,911,322 |
| Total | £4,235,850 | £7,398,617 | £11,634,467 |
Our investment priorities
We submitted a plan to Government in August 2022 setting out the opportunities and challenges we intended UKSPF to support.
Investment priority 1: Communities and place
Challenges:
- enhancing wellbeing and prosperity in the heart of our communities and tackling crime and antisocial behaviour through community cohesion development
- increasing active travel and improving access to, and use of, open/green spaces
- effective place management of town centres and developing strong networks/partnerships
Opportunities:
- culture-led regeneration
- Gateshead town centre and Quays developments
- locality working, community Spaces, libraries and Family Hubs
- supporting and facilitating active travel
- Derwent-Tyne Corridor
- building capacity and support across the voluntary and community sector
Investment priority 2: Supporting local business
Challenges:
- low productivity
- building the business base and increasing business start-up rates
- supporting recovery for the self-employed and boosting business survival
- enhancing innovation and stimulating growth
Opportunities:
- focused, effective business support
- building on sector strengths and our industrial base
- creating opportunities for growth and scale-up and enhancing job creation
- embracing net zero
- growth in the creative, culture and visitor economies
- supporting the rural economy and employment
- building social enterprise
Investment priority 3: People and skills
Challenges:
- reduce unemployment and economic inactivity and close the employment gap for under-represented groups
- embed employment-related services in wider systems supporting people, helping people to live well
- ensure success at each stage of life and prepare young people for the world of work, helping people to sustain and progress in good work throughout their working lives
- match labour market supply to demand, including attracting and retaining talent
- support the re-skilling of the workforce and improve employee retention
- ensure everyone can benefit from the digital economy and accelerating technological change in life and work
Opportunities:
- maximising the economic impact of The Sage arena, conference and exhibition centre
- developing and retaining a skilled workforce and supporting a just transition into the green jobs of the future
- supporting the development of the digital economy, including digital infrastructure and the skills required to develop both a technically trained, and digitally literate, workforce
- capitalising on Gateshead's specialisms in immersive technology
- meeting growing demand in the care and community sectors and widening participation and reducing barriers for more marginalised groups through purposeful and meaningful volunteering
Next steps for Gateshead
Our plan was confirmed by Government in December 2022 and preparations have been ongoing to deliver activities. If you would like to find out more please contact our Strategic Funding Team via email ukspf@gateshead.gov.uk
For more information on UKSPF, visit the Gov.uk website (opens new window)