UK Shared Prosperity Fund – £1m Proposed for Mole Valley District Council – Latest news from Mole Valley District Council

At its meeting on 12 July 2022, Council considered a proposed allocation of £1million to be paid to Mole Valley District Council over the next three years as part of the government’s UK Shared Prosperity Fund.

The government has, as part of its Levelling Up agenda, set aside the UK Shared Prosperity Fund (UKSPF), totalling £2.6 billion. The funding will be made available to local authorities across the UK who will, in turn, need to identify opportunities for investment in their local areas to help “build pride in place and increase life chances”.

Mole Valley District Council (MVDC) has been given an indicative allocation of £1million. The UKSPF will be split across the next three financial years and cannot be carried over from one year to the next. The majority of funding will be received in the final financial year 2024/25, and will need to be spent by March 2025.

So that it can access the funding, MVDC must submit an investment plan. The plan would outline projects for the first two years, and then suggest areas of focus for the third – and final – year. The report sets out proposals for funding that includes building on the increase seen in volunteering during the pandemic in Year 1, out of school activities in Year 2 and supporting the growth of new and existing businesses in Year 3. A proposed grant scheme which would enable funding to be provided over the next three years to support community and voluntary groups, is due to be considered by Cabinet in September this year.    

Councillor Stephen Cooksey, Leader of MVDC, said: “The potential investment we would be looking to receive could be very important and impactful for wider community wellbeing and economic growth in Mole Valley. The manner in which the funding would be allocated to us, in a staggered way over the next three years, means that identifying the correct and most in-need areas for funding is absolutely vital.”

 

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