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WHAT IS THE UK SHARED PROSPERITY FUND?

The UK Shared Prosperity Fund  was launched by central government in early 2022 to support its ‘levelling up’ agenda. All local councils have been allocated a share of the fund to invest in their areas by March 2025. This fund is intended to replace EU funding, which in Hertfordshire was primarily invested in business support and skills development services.

This can be used to support a wide range of interventions to build pride in place and improve life chances, across three investment priorities:

  • Community and place

  • Supporting local business

  • People and skills

 

Watford Council has been allocated limited funding of £1,000,000 over the next three years. To access this funding, we must submit an investment plan by 1 August 2022. This will set out the mix of activities we will deliver to meet our local needs.

As this funding replaces EU funding we are talking to those organisations who have previously allocated EU funds locally, so that we can continue provision of services which help people and businesses in our community. However, there will still be some funding available to support new projects which align with our current priorities.

 

Developing our investment plan

 

To develop our Watford investment plan, we are working with local partners including the voluntary and community sector organisations, business representatives and other key stakeholders.

 

We are already starting to identify the activities that will be the right solutions for our town and that will have the greatest impact. We are exploring opportunities to harness the skills and experience of partners who are best placed to deliver projects and interventions. We are also considering where it is more effective to work at county level.

 

Between 14 June and 28 June we are seeking proposals from organisations which could be delivery partners for projects over the next three years. With limited funding available there is no guarantee that projects can be pursued, but we would welcome information and dialogue with organisations who could potentially deliver projects which meet specified objectives and priorities.

More information and Expression of Interest

To find out more and submit an Expression of Interest click here.

If you are able to provide spend and funding information for your project, please download and complete this spreadsheet. You will then be asked to submit this as part of your application.

Information about the Shared Prosperity Fund can be found here. 

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