Background and issues for consideration concerning the Government's proposed Shared Prosperity Fund, which will replace EU structural funding after Brexit.Jump to full report >>
After the UK leaves the European Union, it will no longer receive structural funding (which is worth about €2.4 billion per year).
This funding is used for boosting several aspects of economic development, including support for businesses, employment and agriculture, and is administered by the different nations of the UK.
In order to replace this funding, the Government has pledged to set up a Shared Prosperity Fund to “reduce inequalities between communities”.
There are several issues that will need to be considered when setting up the Fund. These include:
Although the Government has not yet published its consultation on the Fund, a number of organisations have already made comments about the possible design. Although these vary in their emphasis (for example, the Welsh Government is strongly opposed to the idea of administering the Fund from Westminster), most organisations seem to agree that the level of funding should be at least maintained at its current level, it should largely be allocated based on need, and local authorities and partners should be closely involved.
Commons Briefing papers CBP-8527
Author: Philip Brien