Regional funding after Brexit: Opportunities for the UK's Shared Prosperity Fund
Article
The UK’s forthcoming departure from the European Union brings uncertainty over the future of funding allocated to the nations and regions of the UK. EU regional policy provides significant investment in the form of European structural and investment funds (ESIF). After Brexit, the UK will need to continue to give targeted support and investment into regions with lower levels of growth and higher levels of poverty, or it risks worsening the geographical divide.
Despite the uncertainty, leaving the European Union also brings an opportunity: a chance to redesign regional funding and create sustainable and inclusive regional economies. The government has named the ESIF replacement as the ‘UK Shared Prosperity Fund’ (SPF) – a fund committed to tackling inequalities between communities by raising productivity in areas of the country that are ‘furthest behind’.
This briefing aims to outline three challenges facing the UK: regional inequality; centralisation of power; and a lack of community voice. It then provides recommendations for how the Shared Prosperity Fund could be designed effectively to tackle these problems.
Related items
Taking stock: Counting the economic costs of alcohol harm
Alcohol consumption across the UK is increasing. Government and employers must act to address the health risks.A people-focussed future for transport in England
Our findings from three roundtables on the impact of transport in people’s lives and the priorities for change.Progressive renewal: The Global Progress Action Summit
A quarter of the way through this century, change is in the air. Everyone, everywhere, seemingly all at once, wants out of the status quo.