UK Shared Prosperity (UKSPF) & Rural England Prosperity Fund (REPF) Supporting Local Business

Description

The UK Shared Prosperity Fund (UKSPF) was launched by the government in 2022 and is central to its 'levelling up' agenda, with £2.6 billion of funding set aside nationally for local investment by March 2025. The Government's aim of the fund is to invest in domestic priorities by targeting funding where it is needed most - building pride in place - supporting high-quality skills, training and pay and investing in employment opportunities, innovation and productivity. Central Bedfordshire Council was allocated funding through both UKSPF and also the Rural England Prosperity Fund (REPF) through an addendum to deliver projects in 2023-24 and 2024-25. The Council has committed some of this funding to the Supporting Local business theme, which aims to create jobs and boost community cohesion through investment in existing industries and institutions, support for those starting businesses, sharing knowledge and expertise, improvement in retail, hospitality and leisure facilities, networking and collaboration and stimulating innovation and growth