About the fund
The UK Shared Prosperity Fund (UKSPF or the Fund) is a central pillar of the UK Government’s Levelling Up agenda. It is a significant component of its support for places across the UK.
It provides £2.6 billion of new funding for local investment by March 2025. All areas of the UK will get an allocation from the Fund. This uses a funding formula rather than a competition. It will help places across the country deliver enhanced outcomes. It recognises that even the most affluent parts of the UK contain pockets of deprivation and need support.
We have been allocated a total of £1 million to be spent on identified projects across 2022 to 2025. A Memorandum of Understanding has been entered into by the government and the council.
Our priorities
Our investment plan focused on 3 UKSPF investment priorities.
Communities and place
This includes:
- strengthening social fabric
- fostering a sense of local pride and belonging through investments in infrastructure and community-led projects
Local business
This includes:
- creating jobs
- boosting community cohesion through investment in existing industries and institutions
- support for those starting businesses
- sharing knowledge and expertise
- networking and collaboration
- stimulating innovation and growth
People and skills
This includes:
- boosting core skills and supporting adults to progress in work
- supporting disadvantaged people to access the skills they need
- supporting local areas to fund local skills needs
Key projects for 2023 to 2024
Berkshire Growth Hub
The Berkshire Growth Hub, provided by the Local Enterprise Partnership offers advice and support to businesses in Berkshire.
The funding is jointly provided by all Berkshire local authorities to enable the operation of this facility for the next 3 years.
In January to March 2023, 7 Bracknell based businesses showed an expression of interest for starting up support, and 6 further businesses enquired with an interest in higher growth support.
Craft Coop
Craft Coop has a retail shop unit in The Lexicon designed to create a community of crafters and makers that support and help each other. It connects the local community and crafters by organising local events and activities.
It aims to showcase local talent, giving small businesses the opportunity to trade, and involve the surrounding community in any way possible.
Bracknell BID business area feasibility study
Working closely with the Bracknell Business Improvement District, a feasibility study will be commissioned to assess the scope and opportunities to enhance the accessibility and functioning of the Western and Southern Business areas.
The outcome of the study will define a range of interventions to support businesses and maximise the economic value of the business areas, strengthening the location as a premier destination.
Find out more about the UK Shared Prosperity Fund on GOV.UK.
