Nottingham City Council has secured over £10m from the Government’s UK Shared Prosperity Fund which aims to support local residents, businesses, and communities.
The £10,454,325 allocation announced for Nottingham by the Government will be used to fund activity that builds pride in place, supports high quality skills training, supports pay, employment and productivity growth and increases life chances in Nottingham.
This funding is available until 2024/25 with an element being used this financial year, delivering local benefits straight away.
The UK Shared Prosperity Fund (UK SPF) is the successor programme to the previous European Structural Investment Fund driving economic prosperity across regions. In Nottingham it will be used to deliver support across four investment priorities:
- Communities and Place
- Supporting Local Business
- People & Skills
- Multiply Adult Numeracy.
The City Council established and consulted with the Nottingham UK SPF Stakeholder Advisory Group bringing together a range of partners from across the public, private and third sectors, as well as undertaking wider community engagement, to define Nottingham’s Investment Plan priorities. The themes of Inclusion, Productivity and Carbon Neutrality will run through the heart of Nottingham’s UK SPF Investment Plan.
Based on consultation feedback, local evidence, and strategic priorities, Nottingham’s UK SPF Investment Plan was submitted to Government last summer.
The funding will be used in a combination of ways, including the council providing grants to public or private organisations, commissioning third party organisations, procuring service provision and direct delivery of services by the Council.
Portfolio Holder for Skills, Growth & Economic Development, Cllr Rebecca Langton, said: “The funding we have secured from the Government’s prosperity fund is very welcome and will help us and local organisations deliver services and schemes which can make a real difference to local people.
“While the funding available is significantly less than the previous European funding, this announcement during the current cost-of-living crisis is timely, as it can be used for a range of things from growing businesses and creating new jobs or tackling social deprivation.”
