The UK government is investing in communities and place, support for local businesses and people and skills. They're aiming to level up the whole United Kingdom by levelling up people’s pride in the places they love and seeing that reflected back in empowered local leaders and communities, a stronger social fabric and better life chances.
The shared prosperity fund (SPF) 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 via a funding formula. Swansea Council has been nominated to act as the lead authority on behalf of the South West Wales region.
Swansea is operating six 'anchor' projects on key themes of the programme aligned to corporate and partnership strategies. These contain a range of support measures, commissioned activities and third-party grant schemes, initial details of which can be found at https://swansea.gov.uk/spfinformation . The end date for programme delivery is 31 December 2024.
What can be funded by the shared prosperity fund? (https://swansea.gov.uk/faqspf)
Both capital and revenue expenditure is eligible under SPF - but this will vary per theme and per open call for projects as to what is available.
Capital expenditure refers to funding used to acquire, build or upgrade physical assets.
Revenue expenditure refers to ongoing organisational expenses specifically required in the running of the SPF interventions/activities set out in the approved application.
Examples of this include:
Staff costs (including salary, NI and pension)
Costs of project-related travel and subsistence
Costs of materials
Marketing and publicity costs
Training participant costs e.g. travel expenses, childcare