Published: 20th Jan 2020

A group of local authorities has called on the government to allocate £4bn a year for the new UK Shared Prosperity Fund. A new report by the Industrial Communities Alliance claims the new fund, which will replace various EU regeneration funding streams, needs to be set at £4bn a year if – as widely predicted – it is to be merged with the British government’s Local Growth Fund. If it is not merged with the Local Growth Fund, then the report says the UK Shared Prosperity Fund needs to be set at £1.8bn in order to replace the EU funds that would have come to the UK after Brexit. The UK Shared Prosperity Fund was first promised in the 2017 Conservative Party general election manifesto, but details remain patchy about how the fund will actually work. Although the Conservative 2019 general election manifesto stated £500m of the UK Shared Prosperity … (To read the full article, subscribe below)