25 Deferred

UK Shared Prosperity Fund's 3-year allocation causes difficulties for long-term programmes

Conclusion
One criticism of the UKSPF, which has been reiterated is that funding is only allocated for 3 years. In comparison, previous EU funding was allocated over 7 years. The shorter time frame for this replacement fund has caused difficulties for many organisations who require a longer term in which to achieve the interventions for which they are seeking funding.
Government Response Summary
The government notes the UKSPF's alignment with the three-year Spending Review cycle and states it will continue to consider feedback about longer-term funding allocations during preparations for the next Spending Review.
Paragraph Reference
84
Government Response
Deferred
HM Government Deferred
UKSPF is aligned with the Government’s three-year Spending Review cycle. As we work to prepare for the next Spending Review, we will continue to consider the feedback we have received that a longer-term allocation of funds would provide more certainty for delivery organisations and better outcomes for local places.
Source
Committee Housing, Communities and Local Government Committee
Inquiry Funding for Levelling Up
Report Sixth Report - Funding for Levelling Up 26 May 2023 HC 744
View on Parliament website
Addressee Bodies
Ministry of Housing, Communities and Local Government
Timeline
Recommendation age 3.0 yrs
Report published 26 May 2023