UKSPF
The UK Shared Prosperity Fund was launched by the previous government on 13 April 2022 which was intended to reduce inequalities between communities as part of the Government’s wider “levelling up” agenda.
The Shared Prosperity Fund allocation 2023-25 was allocated to lead local authorities across the UK using a formula rather than by inviting competitive bids. In two tier areas, the district councils were classed as the lead authority rather than the County Council. The formula for the allocation reflects the amounts that areas received from the EU structural funds, with some needs-based adjustments.
Outcomes from the 2022-25 UKSPF allocation can be found here.
On Wednesday 30th October 2024, following the Budget, MHCLG announced the Government would be “continuing the UK Shared Prosperity Fund at a reduced level for a further year, providing £900 million; this transitional arrangement will allow local authorities to invest in local growth, in advance of wider funding reforms.” All areas of the UK will receive a ‘final’ allocation of UKSPF to commence in April 2025 and enable
local authorities to make the necessary arrangements in brining any existing UKSPF agreements to a finish by 31 March 2026. Further guidance and investment/spending plan forms are to be provided by MHCLG sometime in April.
On Friday 13th December 2024, MHCLG informed all Lancashire authorities that as they were now part of a devolution deal area, the lead local authority and accountable body position would change accordingly to Lancashire County Combined Authority (LCCA). A total of £21,748,007, (£3,301,752 capital and £18,446,256 revenue) was assigned across the combined authority.
At its meeting in March 2025, Cabinet supported the Accrington Town Centre Partnership recommendation to allocate the Authorities £2.9m funding across the following two spending Themes: (1) Business Support Growth & New Business and (2) Regeneration.
Details of Hyndburn’s final year 2025-26 allocation and how it will be allocated can be found here
