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
Project updates May 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.
Progress to date:
- 12 Bracknell businesses have finished the start-up programme
- 5 businesses have finished a higher growth support programme
- net zero masterclasses for small/medium enterprises were held in Spring 2024
- targeted free half hour one to one sessions with a business advisor have been hosted with more planned for the future
Craft Coop
Craft Coop is based in Princess Square and were the recent winners of The Lexicon Retail Awards Best Community Enterprise.
The shop offers local artists a shelf to sell their products and provides marketing support to develop their business.
Over £40,000 revenue has been generated for crafters since June 2023.
Craft Coop has:
- created 3 part-time roles
- 40 local crafters on board
Bracknell BID business area feasibility study
The Feasibility Study is divided into the following 2 parts:
Western Road (improve crossing, greening and traffic calming initiatives)
Downshire Way (a pedestrian crossing linking the Western Business Area to the town centre)
Consultancy companies have been successfully appointed by Bracknell BID.
Upcoming projects for 2024
Town centre ambassadors
Town centre ambassadors will offer a visible formal presence and deterrent for specified offences.
Target areas of concern are:
- anti-social behaviour
- vandalism
- drinking alcohol in prohibited public spaces
- cycling
- e-scooters in pedestrianised areas
Their presence will also act as a deterrent to shoplifting and theft but without direct enforcement powers.
Cultural Programme
The Cultural Programme was created to build on the broad programme of arts, performance and creative media,
Activities take part in The Lexicon and wider communities across the borough.
Activities will include projects such as:
- engagement with communities on current art activities and promote borough wide
- an event programme to work with arts facilities, local schools and communities to showcase creative strengths
Bracknell BID Area Strategy
The outcome of the feasibility studies will define a range of interventions. These will support businesses to maximise the economic value to strengthen the location as a premier destination.
The aim will be to harness carbon reduction benefits and wider environmental improvements linked to productivity and public health and wellbeing.
Find out more about the UK Shared Prosperity Fund on GOV.UK.