BCP Council allocated £4.2 million from the UK Shared Prosperity Fund (UKSPF)

The UK Shared Prosperity Fund (UKSPF) is a key part of the UK Government’s Levelling Up agenda. It provides £2.6 billion of new funding for local investment, with all areas of the UK receiving an allocation from the Fund. UKSPF replaces the former European Structure & Investment Funds (ESIF) which previously funded business support and skills.

To access the funding, BCP Council developed and submitted an Investment Plan to government in conjunction with local stakeholders including Dorset Local Enterprise Partnership (DLEP), Dorset Chamber, Dorset Growth Hub and Community Action Network.

The Investment Plan identified three key themes that would most benefit from investment, including:

• Supporting Local Businesses – by helping to grow further the best local economic conditions and achieve a world-class and sustainable region where businesses can thrive.
• Communities – contributing towards BCP being one of the best coastal places in the world in which to live, work, invest and play.
• Skills – by upskilling the workforce, enhancing employment opportunities and increasing business productivity.

BCP Council are now finalising the required documentation for government and will be looking to begin the process for providing this much needed support as soon as possible. It expects to receive the first year of funding from government early in 2023.

Councillor Philip Broadhead, BCP Council’s Deputy Leader and Portfolio Holder for Development, Growth and Regeneration, said:

“We have huge ambitions for our area, and this fund will boost what we are already doing to help improve productivity and prosperity across our three towns. It will be used to fund a wide range of exciting initiatives that will deliver real value to local communities and businesses in the near future. We are keen to get this moving as quickly as possible, as we are well aware of the pressures people and businesses are facing. We will aim to provide more details on specific projects as soon as possible.”

More details on the UKSPF can be found here: www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus/uk-shared-prosperity-fund-prospectus