Vital investment plans to boost business, support communities and regenerate high streets have been approved by the Government, following an LGA warning that projects were at risk because of continual delays.
The £2.6 billion UK Shared Prosperity Fund, which replaces the seven-year European Structural and Investment Fund, is to be used by councils and combined authorities to create jobs, support small and medium-sized enterprises, and improve pride in place across the country.
The Government had previously committed to approving the plans by October and, with time running out for councils to deliver their first year fund allocations, the LGA called for urgent clarity on when these would be received.
Inflation and rising costs have also made councils’ ambitious plans to level up their communities more difficult to achieve.
Cllr Kevin Bentley, Chairman of the LGA’s People and Places Board, said: “This vital funding and approval of investment plans is important recognition of local leadership in driving regeneration and transforming local places. The Government must now work with councils and combined authorities to overcome any additional local challenges caused by the delay and make the introduction of the fund a success.
“This includes the need for assurances from government that there will be flexibility between years to spend the allocations.
“We look forward to government working closely with local government to ensure these plans are successfully realised and fulfil our shared longer-term, local ambitions for levelling up.”
