Sharing prosperity: Community renewal and the UK Shared Prosperity Fund

Presented as a major opportunity to overcome the “deep-seated geographical inequalities” currently holding our economy and communities back, the UK Shared Prosperity Fund (UKSPF) represents a significant opportunity for investment in social infrastructure and improving pride in place. 

This policy short examines whether UKSPF funds are reaching the ‘left behind’ neighbourhoods most in need, how funds are being spent on the first strand of the UKSPF – focusing on communities and places, as well as the extent to which communities themselves are being enabled to shape investment priorities at the local level.

It builds upon the APPG’s extensive work to-date on the importance of long-term investment in social infrastructure for community renewal and neighbourhood regeneration, and advocates for a reinvented funding model for the UK Shared Prosperity Fund that targets investment hyper-locally at ‘left behind’ neighbourhoods, embedding capacity-building and more meaningful community involvement.

Key recommendations: 

• A reinvented funding model that targets hyper-local investment at ‘left behind’ neighbourhoods
• Confirming UKSPF funding for the same 7-year period as the EU structural funds it replaces at a minimum
• Building in a ring-fenced capacity-building budget to the communities and place strand
• In the absence of devolution, making community involvement in ‘local partnership groups’ mandatory.

Local Trust acted as secretariat to the APPG for ‘left behind’ neighbourhoods over the course of its activities in the 2019-2024 parliament.