Research: Finance

Department for Levelling Up, Housing and Communities written question – answered on 20th June 2022.

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Photo of Chi Onwurah Chi Onwurah Shadow Minister (Business, Energy and Industrial Strategy)

To ask the Secretary of State for Levelling Up, Housing and Communities, if he will make a comparative assessment of the level of funding available for research and development from (a) European Structural Funds and (b) the Shared Prosperity Fund.

Photo of Neil O'Brien Neil O'Brien Parliamentary Under Secretary of State (Department for Levelling Up, Housing and Communities)

The UK Shared Prosperity Fund (UKSPF) is the successor to the European Social Fund (ESF) and European Regional Development Fund (ERDF). The Fund ramps up to £1.5 billion a year in 2024/25 matching the funding all UK regions received from EU Structural Funds.

Places will be empowered to identify and build on their own strengths and needs at a local level. They can fund a range of interventions across the three investment priorities of the Fund, including supporting research and development activity, but this will be up to each place to decide as they will know and understand the unique needs and characteristics of their communities better than central government ever can.

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