UK Shared Prosperity Fund

The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK government's Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills. For more information, visit the government's Shared Prosperity Fund webpage

UKSPF in Newark and Sherwood

Newark and Sherwood District Council have been allocated £3.28m of UKSPF to support local communities and businesses over the next three years. Our planned UKSPF investment aligns to our established strategic frameworks including the Community Plan 2020-2023 (PDF File, 3,747kb) and Newark & Sherwood Economic Growth Strategy 2021-2026 (PDF File, 1,281kb). Local organisations across the district may apply for funding to support projects and programmes that align to the objectives of the fund. 

All local authorities were required to submit an investment plan earlier this summer, identifying a number of proposed SPF funding interventions to support local challenges. Our local investment priorities can be found here:

Rural England Prosperity Funding

The Rural England Prosperity Fund (REPF) supports the aims of the government’s Levelling Up White Paper, funding capital projects for small businesses and community infrastructure in order to improve productivity and strengthen the rural economy and rural communities.

The REPF is integrated with UKSPF and supports activities that address the particular challenges rural areas face. The allocation from REPF for Newark and Sherwood District Council is £891,000 to be spent in 2023-24 and 2024-25.

In order to draw down this funding, the council submitted an addendum to its UKSPF investment plan in November 2022. We are currently waiting for confirmation of the funds and will release further details of our local approach in due course.

For more information about the REPF, please consult the government's prospectus for the fund.