Shared Prosperity Fund

The words 'Levelling Up' in navy text on a white background

A crest logo with the words UK Government Wales/Llywodraeth y DU Cymru written next to it

UK Government Shared Prosperity Fund

An overview

The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK Government’s Levelling Up agenda.

It launched in April 2022 and provides £2.6 billion in funding for local investment by March 2025. The Fund supports the ambitions of the Levelling Up White Paper, and aims to: 

  • Boost productivity, pay, jobs and living standards by growing the private sector.
  • Create opportunities and improve public services.
  • Restore a sense of community, local pride and belonging, and
  • Empower local leaders and communities, especially in those places lacking local agency.

To achieve this, UK Shared Prosperity Fund focuses on three investment priorities, namely:

  • Communities and Place
  • Supporting Local Business; and
  • People and Skills

A separate fund called Multiply focuses on improving adult numeracy skills.

Visit the government website for further information.

The Shared Prosperity Funding was allocated across the UK on a needs-assessed basis and the 10 Local Authorities in the Cardiff Capital Region received a combined allocation of over £230m, and a further £48m for Multiply. To draw down this funding, all local authorities within the region were required to develop a single collaborative regional investment plan.

Download a summary of the SPF regional investment plan (pdf). 

Shared Prosperity in Newport

Newport was allocated just over £27m and a further £5.6m for Multiply across revenue and capital, for the period April 2022 until the end of March 2025. A Local Investment Plan details the distribution of these funds in Newport.

Following public consultation, it was agreed by Newport City Council Cabinet in May 2023. The Cabinet report and Local Investment Plan 22-25 can be viewed on our website. 

If you have any questions relating to the Shared Prosperity Fund, please email the team at [email protected].