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UK Shared Prosperity Fund: Investment Plan 2022-25

News release issued:

Improving town centres and high streets, promoting the visitor economy and helping people back into employment are a few of the priorities Wyre Forest District Council is planning to support as part of its UK Shared Prosperity Fund (UKSPF) Investment Plan.

Almost 30 proposals have been submitted to Wyre Forest District Council seeking funding from the district’s share of the UKSPF.

The UKSPF was launched by the government in early 2022 and is part of its ‘Levelling Up’ agenda, providing support for places across the UK. The district has been awarded £3.155 million over the next three years.

Now the council has to submit an Investment Plan, detailing which projects it proposes will get funding. The funding is aimed at investing in local priorities and targeting the money where it is needed most to increase pride in places, support local businesses and high-quality skills training.

The total for the projects submitted is almost £7 million, which is more than twice the amount of the funds available. Advice on which projects should be included in the plan will be sought from the ReWyre Board.

The ReWyre board is all about partnership working and brings together the private, public and voluntary sectors along with the wider community with a focus on economic regeneration of the district.

The investment plan is being discussed at a meeting of the council’s Overview and Scrutiny Committee on Thursday 7 July. Any recommendations the committee makes will then be taken to the Cabinet meeting on Wednesday 13 July.

Councillor Helen Dyke, Leader of Wyre Forest District Council and Cabinet Member for Economic Regeneration, Planning and Localism said:

“Thank you to all everyone who submitted proposals for funding from the UK Shared Properity Fund. Due to the number of projects submitted and the limited funding available, we are unable to grant funding for every single proposal. We will be looking through each and every application and will work closely with the ReWyre Board and its advice to select the projects which are deliverable and align closest with the objectives of the Fund.”

The final investment plan must be submitted to the government by Monday 1 August 2022. It will be subject to government approval.

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