UK Shared Prosperity Fund

UK Shared Prosperity Fund

The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding for local investment 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. For more information, visit www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus.

North West Leicestershire's UKSPF investment plan has been approved following the assessment and funding has been awarded for 2022/23 with indicative allocations for the further two financial years up until 31 March 2025.

Businesses and communities in North West Leicestershire will now benefit from nearly £2.5 million of new funding following the district council’s successful bid to the government’s UK Shared Prosperity Fund.

The UK Shared prospertiy fund award will use the funding to support a range of projects across the district, including regeneration work, art and heritage promotion, tourism and visitor experiences, community grants, and employment support.

The initial list of projects earmarked for funding from the UK Shared Prosperity Fund includes:

• Stenson Square – Feasibility and design work for a regeneration project to transform Stenson Square and the setting of Stenson House at the eastern gateway to Coalville town centre.
• Memorial Workspace – A workspace regeneration project to convert the council-owned former toilet block building on Memorial Square, Coalville. The project will look to renovate and convert the building into lettable commercial workspace designed for start-up businesses.
• Hermitage Recreation Ground EcoPark – Building on the existing consultations for the future of the Hermitage Recreation Ground, enhance the open space, accessibility and use of the space.
• Coalville Heritage Trail and Mother and Child statue restoration – collaborating with the Coalville Heritage Society to create a heritage trail for Coalville town centre including the restoration of the John Roydon Thomas, bronzed Mother and Child statue.
• Mantle Lane Bridge Gateway Improvements – Improvements to the northern gateway to Coalville town centre.
• Heart of the National Forest – Contributions to the Heart of the National Forest Masterplan including new ‘green web’ to improve accessible walking and cycle routes and the creation of new woodland management volunteer hub in the forest.
• Moira Furnace visitor experience – Collaborations with the Furnace Charitable Trust on the Moira Furnace masterplan to enhance the existing visitor experience and the creation of new visitor attraction that compliments the setting of the furnace and the canal.
• Castle Donington Community Sports Hub – Develop plans for a community sports hub at Castle Donington College, which will include new facilities and 3G football pitches.
• Kegworth cycleways and Active Travel – The creation of new sustainable transport connections to connect communities and key transport hubs into existing and emerging employment opportunities.
• Community Grants Programme – Providing access to grants communities and parish councils to fund local community-based projects.
• Employment support – New programmes to support access to work for those furthest from the workplace and the economically inactive.
• Business start-up support – New programmes to support entrepreneurial activity with a focus on young people, women and the creative sectors.
• Business support activity – New programmes to provide business support including a focus on Zero Carbon, digital skills, tourism and high growth small and medium sized businesses.
• Sustainable tourism support programme – A sustainable tourism campaign that supports tourism and hospitality businesses to reduce their carbon footprints and promote a greener visitor economy.
• Taste the Place – Local food and drink product development and marketing campaign to show case local food and drink producers.

If you would like any further information on the North West Leicestershire UK Shared Prosperity Fund please contact the Economic Development team.