The Government understands the importance of local growth funding to places and people and is committed to creating the UK Shared Prosperity Fund to succeed European structural funds, providing vital investment in local economies, cutting out bureaucracy and levelling up those parts of the UK whose economies are furthest behind.
Furthermore, the 2019 Conservative Manifesto committed to targeting the UK Shared Prosperity Fund at the UK’s specific needs, at a minimum matching the size of European structural funds in each nation and ensuring that £500 million of the Fund is used to give disadvantaged people the skills they need to make a success of life.
As we approach the transition from the European Social Fund to the UK Shared Prosperity Fund, we will continue to engage with partners, in order to aid policy development. Under the terms of the European Union (Withdrawal Agreement) Act 2020, the UK continues to participate in EU annual budgets under the current Multiannual Financial Framework (2014-2020 MFF). As a result, England and the devolved administrations continue to have access to EU Structural and Investment Funds and spending through these programmes will continue until 2023.
Final decisions on the UK Shared Prosperity Fund will need to be made through a cross-Government Spending Review, and we will set out further plans for the fund in due course.