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Powys and Ceredigion plan joint £42 million funding bid

A BID for over £42 million from the UK Government’s Shared Prosperity Fund (SPF) is set to be jointly made by both Powys and Ceredigion councils.

A report into the “Regional Investment Plan” for mid Wales will be considered by cabinets in Ceredigion and Powys on Tuesday, 26 July, with the deadline for bids being Monday, 1 August.

The SPF is seen as the replacement for the European Union structural funding which will stop following Brexit. The report suggest that over a three-year period that Powys will receive £27.443 million and Ceredigion £14.961 million

The report states that Ceredigion would be the “lead authority” for the SPF. Projects need to come under three themes, and these are:

  • Communities and place.
  • Supporting local business.
  • People and skills.

The report adds that the SPF would be split evenly between the counties with 40 per cent going to Communities and Place; 40 per cent to Supporting Local Business and 20 per cent to People and Skills.

The UK Shared Prosperity Fund (UKSPF) is a central pillar of the UK Government’s Levelling Up agenda.

It provides £2.6 billion of new funding for local investment by March 2025, with all areas of the UK receiving an allocation from the fund by a funding formula rather than a competition.

The UK Government say the SPF will:

  • Boost productivity, pay, jobs and living standards by growing the private sector, especially in those places where they are lagging.
  • Spread opportunities and improve public services, especially in those places where they are weakest.
  • Restore a sense of community, local pride and belonging, especially in those places where they have been lost.
  • Empower local leaders and communities, especially in those places lacking local agency.

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