To ask the Secretary of State for Levelling Up, Housing and Communities, for what reason the UK Shared Prosperity Fund is a conditional grant allocation for County Durham structured to deliver over 60 per cent of the funding in the year 2024-25, with the remaining grant allocation spread over years 2022-23 and 2023-24.
The UK Shared Prosperity Fund (UKSPF) will provide multi-year funding certainty for this Spending Review period. This will allow places to make long-term plans that meet the unique needs of their areas and make investment decisions as close as possible to local people and businesses.
The funding profile of UKSPF ramps up over this Spending Review period, reflecting the lead in time for suitable projects to be developed and delivered by local places and the fact that there remains a long tail of investment from EU funds. This will taper away in 2024-25 when UKSPF funding ramps up to £1.5 billion, upholding the Government’s commitment to match EU funding receipts.