UK Shared Prosperity Fund

The UK Shared Prosperity Fund Prospectus has been published by Government. It provides information about how the fund will operate.

The government has allocated Oadby and Wigston £1,342,011 for 3 years which will be shared across the three interconnected investment priority themes:

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

The diagram below is a simplified version of the Investment Plan we submitted. The full Oadby and Wigston Borough Council's Investment Plan, alongside Interventions, Outcomes and Outputs is available below.

The council developed an investment plan on how Oadby and Wigston will allocate this funding. The Council will start to spend the funds from January 2023.

Read the investment plan that Oadby and Wigston Borough Council submitted, which includes the strengths and opportunities we were required to identify for this funding.

Additional information recently published by GOV.UK provides greater detail on the fund, including definitions of the required outputs and outcomes.

The table below outlines the breakdown of the funding over the next three financial years.

The UK Shared Prosperity Fund (UKSPF or the Fund) is a central pillar of the UK government's ambitious Levelling Up agenda and a significant component of its support for places across the UK. It provides £2.6 billion of new funding for local investment by March 2025, with all areas of the UK receiving an allocation from the Fund through a funding formula rather than a competition.

You can read the UK Shared Prosperity Fund prospectus page for more information.

The Fund has three investment priorities: community and place, supporting local businesses and people and skills; all overarched by one objective, building pride in place and increasing life chances. Oadby and Wigston's Core UKSPF allocation was £1,342,011.

View the full breakdown of interventions, objectives, outcomes and outputs.

For England, a blended approach was taken to allocate funding to each place. The blended approach takes into account the following:

• Maintains EU structural fund distributions, 70% is allocated on a per capita bases.
• 30% of the allocation uses the same needs-based index previously used in identifying UK Community Renewal Fund priority places, predominantly:
  • Productivity
  • Household income
  • Skills
  • Productivity – place with lower population density

View the full methodological note.

If you have any questions for Oadby and Wigston Borough Council regarding the UK Shared Prosperity Fund please email ukspf@oadby-wigston.gov.uk