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Brexit and Europe Brexit and Europe

Deliver sustainable growth from the Shared Prosperity Fund

Last updated: 05:03pm 5 February 2019

The money that is spent will help deliver sustainable, inclusive growth based on our modern industrial strategy.

Conservative Party Manifesto 2017, p.35

Our verdict

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.

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