Shared Prosperity Fund

As EU structural funds tail off after 2022-23, UK Government has replaced them with a domestic funding programme - aimed at addressing regional disparities, this is being termed in the media as the ‘Levelling Up Agenda’. This programme currently has three strands relevant to Torfaen;

The Levelling Up Fund: Capital funding aimed at physical infrastructure projects. 

UK Community Renewal Fund: This fund will pilot short-term projects to inform future multi-annual Shared Prosperity Fund projects – these funds will also help to level up and create opportunity across the UK in places most in need and is complementary to the Levelling Up Fund, but focuses revenue investment on skills, enterprise, and employment.

Community Ownership Fund: UK Gov is providing £150 million over 4 years to support Community groups in England, Scotland, Wales and Northern Ireland, to take ownership of assets and amenities at risk of being lost. The fund will run until 2024/25 and there will be at least eight bidding rounds in total.  

All of the above share common challenges and opportunities, which the UK government is determined to address in collaboration with local partners.