Source · Select Committees · Treasury Committee
Recommendation 12
12
Paragraph: 78
The Government stated that the UK Shared Prosperity Fund will be the successor to the...
Conclusion
The Government stated that the UK Shared Prosperity Fund will be the successor to the EU Structural Investment Funds. However, the Government is only providing to this new fund 60 per cent of the money provided by the EU fund. If the new fund is intended to be one of “the centrepieces” of the Government’s ambition, Autumn Budget and Spending Review 2021 45 it is surprising that the size of the fund is being reduced to such an extent. The Government will need to demonstrate how these reduced funds will achieve their defined metrics for levelling up.
Paragraph Reference:
78
Government Response
Acknowledged
HM Government
Acknowledged
I note the Committee’s conclusions on the Spending Review. We are exceeding our commitments to replace EU funding in full, with no reduction through the UK Shared Prosperity Fund (UKSPF). The UKSPF replaces the European Regional Development Fund (ERDF) and the European Social Fund (ESF). Over the last EU funding cycle, these funds were worth about £9 billion over seven years, or around £1.3 billion per year. The other European Structural and Investment Funds the Committee considers are being replaced in full elsewhere. It is also not the case that the spending power for the Department of Levelling Up, Housing and Communities is falling. Excluding Help to Buy, a time limited