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Shared Prosperity Fund

Meeting: 21/07/2022 - Cabinet (Item 29)

29 Shared Prosperity Fund pdf icon PDF 244 KB

(Report of the Portfolio Holder for Skills, Planning Economy and Waste)

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The Report of the Portfolio Holder for Skills, Planning, Economy and Waste updated Cabinet on UK Shared Property Fund (UKSPF / SPF) and the approach recommended for the Council in order to submit an investment plan and develop a process for awarding funding for agreed interventions.


The Head of Economic Development and Regeneration provided updated revenue cashflow profiles provided by central Government, which updated the figures shown at page 90 of the Agenda pack such that:

·         Financial year 2022 / 2023: 12.14% of allocation

·         Financial year 2023 / 2024: 24.5% of allocation

·         Financial year 2024 / 2025: 63.59% of allocation.




  1. Cabinet approved the outline approach to delivering Shared Prosperity Fund (SPF), to invest in local priorities, targeting funding where it is most needed:

·         building up pride in place in Tamworth,

·         supporting the development of high quality skills training,

·         supporting improved pay, employment and productivity growth opportunities

·         increasing improved life chances of the residents of Tamworth.

  1. Cabinet delegated authority to the Assistant Director Growth and Regeneration in consultation with the Leader of the Council, the Chief Executive and the Section 151 Officer, to submit the investment plan to central Government by the submission deadline. 
  2. That a report be brought back to Cabinet setting out detailed resource requirements, governance including scrutiny, monitoring and evaluation processes and an update on the SPF programme by the end of 2022.


(Moved by Councillor S Doyle and seconded by Councillor R Pritchard)