13.4m Shared Prosperity funding to boost fairness in Fife

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Aerial shot of three people sitting round a table with a laptop and plans

Councillors today (09.03.23) approved Fife’s UK Shared Prosperity Investment Plan for 2023/25 at Fife Council’s Cabinate  Committee, agreeing investment priorities for the £13.4 million funding award.

Fife council has invested £1.9 million in 2022/23 with a total of £13.4 million to invest up to March 2025 from the UK Government’s UK Shared Prosperity fund. This endorsement means that the next steps and delivery for the people and businesses of Fife will now move forward.

The UK Shared Prosperity fund will support vital services in Fife that provide essential assistance to local businesses and people, such as Business Gateway Fife and the Opportunities Fife Partnership. It will help deliver against the Plan4Fife ambitions and opportunities, including inclusive growth and jobs in the local economy that benefit everyone.

Activities will include strengthening climate resilience for communities, the visitor economy and town centres as well as business support services for start-ups and existing businesses. Employability and skills programmes will provide a pipeline of qualified people to meet the needs of employers across key sectors.
Councillor Altany Craik

Cllr Altany Craik, Cabinet Spokesperson for Finance, Economy & Strategic Planning, said “We are investing in a range of projects, including supporting adults who need to develop basic numeracy skills, helping young people into good jobs and regenerating our high streets.

“Fife Council welcomes this replacement for EU funding that will help us deliver on Fife’s Plan4Fife fairness ambitions and extend grants to businesses to help tackle their energy costs.

“This investment will help local residents to fulfill their potential, while reducing inequalities. We are using this investment to deliver improvements to people’s life chances and opportunities in Fife and to ensure that everyone from our area is able to reach their full potential.”

The fund has three investment priorities: 

Investment Priority 

Interventions

Communities and Place

  • Develop and deliver Natural capital improvements.
  • Strengthen Climate Resilience for communities and their assets
  • Develop the visitor economy (Forth Bridges Partnership, Fife Tourism Partnership)
  • Town Centre improvement and animation
  • Increase volunteering in Communities - through the Opportunities Fife Partnership

Supporting Local Business

  • Business support Services, specialist advice, for start-ups and existing businesses
  • Business grant scheme for property improvements
  • Energy and condition improvements to the Council’s Business Property portfolio
  • Innovation support (advice and grants) for businesses
  • Funding support to Town Centre and Tourism businesses to innovate

People and Skills

  • Adult skills and specialist employability support
  • Services for young people’s
  • Volunteering to encourage participation
  • Multiply Numeracy programme

The UK Shared Prosperity Fund (UKSPF) is part of the UK Government’s Levelling Up agenda and succeeds the European Structural Funds that came to an end in 2022 and is part of plans to boost jobs, regenerate high streets, develop public services, and create a sense of local pride and belonging.

Fife will receive £13.4 million in total to invest until March 2025, based on the Fife Partnership’s Plan4Fife 2017-27, and its Recovery and Renewal Plans 2021-24.