The “money” they refer to in the manifesto is the “structural fund money that comes back to the UK following Brexit” which the government plans to use “to create a United Kingdom Shared Prosperity Fund”. The Shared Prosperity Fund is how the government’s pledges to replace the European Structural Investment Funds (ESIF) after we leave the EU. ESIF can be allocated to any region across the EU, and is designed to promote social and economic development in the areas that need them most.
It is estimated that the UK was allocated €16 billion (about £14 billion) for the period 2014-2020. That’s why this is a pretty big deal.
The policy we’re tracking here isn’t about creating the UK Shared Prosperity Fund (that’s this policy), it’s about ensuring the fund delivers “sustainable, inclusive growth based on our modern industrial strategy”. The Industrial Strategy was launched in November 2017, but it doesn’t mention the UK Shared Prosperity Fund except to promise a consultation about it in 2018. This didn’t happen, so we will wait for further news.
As the fund doesn’t yet exist and with no progress made on creating it, we’re marking this as ‘not started’. Follow this policy for updates.
Love the detail?
- European Structural and Investment Funds (ESIF) – Gov.uk
- How much do the regions of the UK receive in EU funding? – Full Fact
- Industrial Strategy: Building a Britain fit for the future – Gov.uk