The UK Shared Prosperity fund (UKSPF) is part of plans to level up all parts of the UK through boosting jobs, regenerating high streets, spreading opportunities, developing public services, and creating a sense of local pride and belonging.
The council has received its UK Shared Prosperity Grant Determination Letter for 2022/23. This means that the Fife UK Shared Prosperity Investment Plan, submitted in August, is now validated by the UK Government and the council can invest £1.9m by March. This includes over £700,000 for Multiply - a national adult numeracy programme. The council will now develop a Memorandum of Understanding to agree funding delivery within the timescale.
The Letter confirms funding for the first year of a 3-year investment plan. Fife will receive £13.4 million in total to invest until March 2025, based on the Fife Partnership's Plan4Fife 2017-27, and its Recovery and Renewal Plans 2021-24. The payments will rise incrementally over the three years.
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A golden thread through the Fife UKSPF Investment Plan is inclusive growth and jobs in the local economy that should benefit everyone and shouldn't pass people and places by. This is reflected strongly the fairness theme in The Plan4Fife.
The fund has three investment priorities:
• communities and place
• supporting local business
• people and skills.
Activities will include strengthening climate resilience for communities, the visitor economy and town centres, business support services, for start-ups and existing businesses, and employability and skills programmes.
Cllr Altany Craik, Cabinet Spokesperson for Finance, Economy & Strategic Planning, said "Fife Council welcomes this much - needed funding to replace EU funding. We will invest in a range of projects from supporting adults who need to develop basic numeracy skills, helping young people into good jobs, and regenerating our high streets.
"This investment will help local residents to fulfil their potential, while reducing regional inequalities.
"We aim to use this investment to deliver improvements to people's life chances and opportunities in Fife and to ensure that everyone from our area is able to reach their full potential. This latest funding is a step in the right direction."
The UK Shared Prosperity Fund (UKSPF) is part of the UK Government's Levelling Up agenda and succeeds the European Structural Funds that come to an end in 2022.
The Shared Prosperity Investment Plan for 22/23 was discussed and approved by members at Cabinet in their August meeting.
