UK SHARED PROSPERITY FUND

Motion Text

That this House deeply regrets that analysis by Communities in Charge has found that the UK’s poorest regions, particularly Wales, could lose hundreds of millions of pounds of funding through the UK Shared Prosperity Fund; notes Communities in Charge believe the UK Shared Prosperity Fund will be allocated in the same way as current spending on economic affairs, which will fail to reduce regional inequality; expresses concern that Wales could lose over £2.3 billion from 2021 to 2027, the equivalent of £700 per person in Wales; further regrets that the UK Government has yet to publish any details on the design of the UK Shared Prosperity Fund, over two years after announcing this policy; and calls on the UK Government to urgently bring forward proposals for the UK Shared Prosperity Fund which seek to tackle inequality, respect the devolution settlement, and is distributed on the basis of relative need.