What is the UK Shared Prosperity Fund?

The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding across England, Wales, Scotland and Northern Ireland for local investment by March 2025.

The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills.

The primary goal of the Fund is to build pride in place and increase life chances across the UK by:

• Boosting productivity, pay, jobs and living standards by growing the private sector
• Spreading opportunities and improve public services
• Restoring a sense of community, local pride and belonging
• Empowering local leaders and communities.

For more information visit UK Shared Prosperity Fund: prospectus at GOV.UK

How much funding has Redditch secured?

Redditch has been allocated £2,502,050 for local investment through the Shared Prosperity Fund.

What are we going to do with the funding in Redditch?

We will use our allocation of the UK SPF to deliver our strategic purpose of building communities which are safe, well maintained and green. Investments in the Borough will create opportunities for residents and visitors to be active, creative and to make the most of the local cultural and heritage offer. The fund will support projects to help residents to live independent, active and healthy lives with opportunities to participate in and contribute to their communities.

We will nurture local businesses; supporting them to start, sustain, grow and innovate. Redditch will be the place to run and grow a successful business. We will work to reduce barriers to employment and to support residents to access local employment opportunities. We will help residents to develop the skills that are in high demand locally and in emerging sectors.

A Green Thread runs throughout the Investment Plan. Projects will contribute to achieving the UK’s net zero target through investment in green jobs, skills and industries.