UK Shared Prosperity Fund
The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK government's Levelling Up agenda and provides £2.6bn of funding for local investment across the UK by March 2025. The fund aims to improve pride in place and increase life chances across the UK, investing in communities and place, supporting local business, and people and skills.
London's UKSPF allocation
The UK government allocated London £144,444,970 for the three-year period from 2022 to 2025. The Greater London Authority (GLA) has been designated as Lead Authority to manage UKSPF in London. It will work closely with partners including London Councils and boroughs to deliver the funds.
In July 2022 the GLA submitted the UKSPF Investment plan to UK government. Approval was granted on 5 December 2022.
How we’re delivering London’s UKSPF allocation
London's £144,444,970 UKSPF allocation will be used to invest in three areas across London:
- Supporting local business.
- People and skills.
- Boroughs.
Supporting local business
In 2023, the Mayor of London invested £62m into 28 local projects and granted funding to London boroughs and London & Partners to support small businesses across the capital – creating more than 4,500 jobs across a range of London’s sectors.
This funding will help boost small business productivity, encourage growth and increase job opportunities as well as restoring a sense of local pride.
This funding round is now closed.
UK Shared Prosperity Funds have been awarded to London & Partners to deliver three distinct business support programmes. You can find more information out about each service below:
Grow London Early Stage
Grow London Early Stage is a free business support programme for early-stage growth companies active in high growth sectors that support sustainable and inclusive growth in London.
It supports London early-stage companies to scale, create or retain jobs and adopt new or improved products or services. The programme has a strong focus on supporting underrepresented founders.
The programme acts as a single front door, so early-stage businesses can easily access the right advice and support, and delivered with expert partners within the London ecosystem. The programme focuses on the following sectors:
- net zero (Cleantech and climate tech start-ups focused on decarbonisation)
- circular businesses’ access to public partnerships
- sustainable fashion (start-ups focused on environmentally sustainable fashion)
- aspiring exporters (focusing on under-represented founders)
- life sciences
- technology.
Grow London Global
Grow London Global is a free 12-month programme for London-based companies that want to expand internationally. Grow London Global is the successor to the Mayor’s International Business Programme, which has helped 1,300 London scaleups including Monzo, Bloom & Wild, Brompton Bicycles and Revolut reach their global expansion goals.
The programme offers expert advice, workshops, events, networking opportunities with partners, corporates, investors, peers as well as unrivalled opportunities to make valuable contacts into target markets on trade missions across the world.
Grow London Local
Grow London Local is London’s new single front door to access business support for small and micro businesses. Providing a searchable database of provision alongside an AI-driven diagnostic tool, Grow London Local will match entrepreneurs to the right support to help their businesses thrive.
For financially vulnerable entrepreneurs only and with a focus on those entrepreneurs facing additional barriers, in particular from Black, Asian or other Minority Ethnic groups, disabled Londoners or are female, Grow London Local have a team of community- based Business Support Managers, providing in-person diagnostics and referrals to business support.
In addition, Grow London Local will market its activity and engage with local communities so that entrepreneurs know that the service exists for them.
People and skills
£38.1 million of London’s UKSPF fund has been allocated to the Mayor’s People and Skills investment priority. It supports local growth by helping to reduce the barriers some people face to employment, supporting them to move towards employment and education. This focuses on two target groups: supporting young people and economically inactive and unemployed Londoners.
Funding for this strand is now closed.
Over £11m has been ring-fenced for three programmes of activity.
To inform the programme’s focus, in April and May 2023 the Mayor consulted with a range of stakeholders. This included skills and training providers, local authorities, schools, colleges, business representatives, voluntary and community sector organisations and young people who have experience of being NEET or face other disadvantages.
Read a report summarising the consultation findings.
Universal Not in Employment, Education or Training (NEET) Programme
£4.5m will be allocated to support young Londoners who are Not in Employment, Education or Training (NEET) to help them to develop interpersonal skills that increase their employability, and to progress into education, employment or further training outcomes.
Targeted NEET Programme
£5m will be allocated to support young Londoners who are NEET, furthest from the labour market and experiencing multiple forms of disadvantage and/or who have significant additional support needs. This intervention will help them to develop interpersonal skills that increase their employability, and to progress into education, employment or further training outcomes
Quality work experience for students at risk of NEET programme
£2.25m will be used to commission quality experience provision for young people who are at risk of becoming NEET (not in employment, education or training) and who are aged 16-19, or aged 16-25 for students at risk of NEET and who also have an education, health and care plan (ECHP).
£25m has been directly allocated to the four Sub-Regional Partnerships (SRPs) and their Boroughs to support, by March 2025, 7,000 economically inactive* and unemployed Londoners, including benefit recipients, who require additional support outside mainstream provision. It offers them the skills they need to progress in work and life.
*Economically inactive refers to individuals who are not looking for work and/or those who are available to start work.
The funded strands of activity are:
- supporting disadvantaged groups
- additional activities supporting the delivery of the ‘No Wrong Door’ initiative.
SRPs play a key role in delivering inclusive growth across the capital, bringing together local authorities, businesses, anchor institutions and communities on a range of issues.
London’s SRPs include West London Alliance, South London Partnership, Central London Forward, and Local London (covering south-east and north-east London).
London boroughs
London boroughs are being awarded funding from two UKSPF investment priorities, Communities and Place and Supporting Local Business.
The Communities and Place investment priority will enable places to invest to restore their community spaces and relationships and create the foundations for economic development at the neighbourhood-level. It aims to strengthen the social fabric of communities, supporting in building pride in place.
Funding for this strand is now closed.
Information for applicants
Further information, including the latest guidance documents and forms for applicants, are available below.
The GLA has hosted multiple UKSPF information webinars to date. Most recently, it hosted a webinar for the 'Support for Young Londoners' bidding round, in September 2023. A recording of the presentation is available to download below.
UKSPF 'Support for young Londoners' webinar recording - September 2023
Previous events' presentations can be made available on request.
Each lead authority for UKSPF must consult with a Local Partnership Group (LPG) of leading stakeholders that will comment on the strategic fit and deliverability of the Investment Plan. London's LPG is the London Partnership Board.
The Board has delegated detailed consideration and oversight of some elements of UKSPF to a Local Partnership Sub-group. You can view information about the Sub-group at the links below.
Any questions?
Our UKSPF frequently asked questions document seeks to answer key questions which have been raised by stakeholders, and is regularly updated.
For any further questions about UKSPF in London, please email [email protected]
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