Designing the UK Shared Prosperity Fund

Document type
Summary
Author(s)
Tinker, Robert
Publisher
Joseph Rowntree Foundation
Date of publication
8 October 2018
Subject(s)
Social Policy, Poverty Alleviation Welfare Benefits and Financial Inclusion, Employment
Collection
Social welfare
Material type
Reports

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Currently, the worst-off places in the UK receive a total of £2.4 billion a year from EU Structural Funds.

Key recommendations:

  • The UK Shared Prosperity Fund should at least match the £2.4 billion a year that currently flows to communities across the UK as a result of EU Structural Funds. It must be additional to existing local growth funding and provide certainty for investment by using long-term funding cycles.
  • The fund should be allocated on the basis of need and targeted according to the economic measures that matter for people’s living standards – the employment rate and earnings – and devolved to Scotland, Wales, Northern Ireland, and parts of England with strong governance arrangements.
  • To promote inclusive growth and enable places to respond flexibly to local priorities, the fund should operate as a ‘single pot’, enabling capital and revenue streams to be co-ordinated, so that investments in enterprise, economic growth and good jobs can be combined with programmes to ensure that people on a low income are connected to new opportunities.

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