Shared Prosperity Fund in Brighton & Hove - Supporting Local Business

Brighton & Hove City Council

BHCC are working with Coast to Capital to develop an investment plan for the city & would like to consult with key stakeholders.

The UK Shared Prosperity Fund (UKSPF) in Brighton &amp; HoveBrighton and Hove City Council are working with Coast to Capital to develop an Investment Plan as part of the city’s UK Shared Prosperity Fund (UKSPF) submission and would like to invite key stakeholders to consult on the emerging priorities and interventions aligned to the three investment priorities of the fund.<h3>This session will focus on the Supporting Local Business investment priority.</h3>We would welcome attendance from a wide range of stakeholders with relevant local knowledge and expertise around the objectives of the investment priorities, including:<ul><li>Local businesses, business support providers or sector specific representatives</li><li>Local partnerships representatives</li><li>Local community &amp; faith representatives</li><li>Voluntary sector organisations and representatives</li><li>Education and skills providers</li><li>Employment experts and providers</li><li>Nature, environmental or associated representatives</li><li>Public health representatives</li><li>Police and crime representatives</li></ul>The Shared Prosperity Fund (UKSPF) Background InformationThe UKSPF is the Government’s replacement for European Structural and Investment Funds forming a key part of its levelling up agenda, with its overarching objective to build pride in place and increase life chances.In its first 3 years the fund will focus on three investment priorities:Communities &amp; Place Objectives<ul><li>Strengthening our social fabric and fostering a sense of local pride and belonging</li><li>To build resilient and safe neighbourhoods.</li></ul>Supporting Local Business Objectives<ul><li>Creating jobs and boosting community cohesion by supporting local businesses.</li><li>Promoting networking and collaboration and stimulating innovation and growth.</li><li>Targeted support to help businesses grow e.g. innovation, productivity, energy efficiency, low carbon and exporting.</li></ul>People &amp; Skills Objectives (<a href="https://www.gov.uk/government/publications/uk-shared-prosperity-fund-interventions-outputs-and-indicators/interventions-list-for-england" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Accessible from 2024-25 or from 2022 subject to the Government’s voluntary sector considerations outlined here</a>)<ul><li>Boosting core skills and support adults to progress in work.</li><li>Supporting disadvantaged people to access the skills they need.</li><li>Funding local skills needs and supplementing local adult skills provision.</li><li>Reducing levels of economic inactivity and supporting those furthest from the labour market.</li></ul>Funding for Brighton &amp; HoveBrighton &amp; Hove has been allocated a total of £1,766,076 core SPF funding.This funding allocation breaks down over three years as:<ul><li>2022-23: £214,330</li><li>2023-24: £428,659</li><li>2024-25: £1,123,087</li></ul>Investment PlansIn order to access the city’s allocation, the council has to develop a local investment plan for approval by the Government. The deadline for submitting the plan is 1st August 2022.The Government have said investment plans will begin to be approved in October 2022 when the first year’s funding will be paid.Due to the funding amounts and delivery timescales the sessions will focus on prioritisation of local opportunities and related interventions. The City Council hopes to review the plan with Government in line with changing local priorities over the next 3 years.We would also ask that organisations only have one representative attending to allow as diverse and focused a stakeholder group as possible, especially as numbers will be limited.Further information on the UK Shared Prosperity Fund can be found on the Government’s website:<ul><li><a href="https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">UK Shared Prosperity Fund Prospectus</a></li><li><a href="https://www.gov.uk/government/publications/uk-shared-prosperity-fund-interventions-outputs-and-indicators/interventions-list-for-england" target="_blank" data-msys-clicktrack="0" rel="nofollow noopener noreferrer">Government Interventions</a></li></ul>

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