The UK Shared Prosperity Fund is the government’s pledge to replace the European Structural Investment Funds (ESIF) after we leave the EU. ESIF can be allocated to any region across the EU, but aims 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, so this is a pretty big deal.
The policy we’re tracking here isn’t just about creating the UK Shared Prosperity Fund (that’s this policy), it’s about ensuring it is “low in bureaucracy”. That could spark some difference of opinion, but it’s what we will be assessing when the time comes.