On 13 April 2022, the Department for Levelling Up, Housing and Communities published more detail on how the UK Shared Prosperity Fund (UKSPF) will work, replacing EU structural funding.
East Devon has been allocated £1,796,363 over a three year period, which can only be unlocked upon submission of an Investment Plan which is signed off by both the council and the government.
The Investment Plan must be submitted to government by 1 August 2022 and must contain a full list of the interventions (projects) that we wish to deliver.
These interventions must fall within the three themes of the fund as set out by government:
- Communities and place
- Local businesses
- People and skills
The government have published a list of interventions which can be included within the investment plan.
The council seeks to develop a range of interventions based on our local priorities:
- Green/clean growth
- Wage growth and higher value employment
- Productivity growth
- Poverty reduction
- Lower economic inactivity
- Higher graduate retention
- Increased civic pride
- Cultural and economic opportunities for disadvantaged individuals
Local authorities from across the Devon are actively exploring ways to align our Investment Plans, to identify areas for collaboration where greater benefits for residents may be delivered better across a wider geography.
A Local Partnership Group of local stakeholders has been established to help inform the types of interventions to be included within the Investment Plan.
A Panel of East Devon councillors has also been set up to provide guidance and oversight.
To learn more about this scheme, or find out how to input into our Investment Plan, please contact our Economic Development team.