About the Prosperity Funds
The UK Shared Prosperity Fund (UKSPF) and Rural England Prosperity Fund (REPF) are part of the government’s Levelling Up agenda. The primary goal of the funds is to build pride in place and increase life chances across the UK.
Cherwell District Council has been allocated £1782,777 of funding, to be spent on local investments in Cherwell by March 2025, with allocations as set out below:
| Fund | 2022/23 | 2023/24 | 2024/25 |
|---|---|---|---|
| UKSPF | £152,421 | £304,841 | £798,684 |
| REPF | - | £131,708 | £395,123 |
While the funds are to be used to address local needs and issues, the Government published clearly defined criteria that set the context. The funds can be used for three broad priorities:
- Communities and Place
- Supporting Local Business
- People and Skills
Investment Plan Summary
The Council submitted a Local Investment Plan for both funds setting out our local priorities. Cherwell’s plan was developed in collaboration with community and business representatives and sets out a vision for supporting communities, growing business, and improving the skills of local people.
Six ‘delivery themes’ have been identified, against which Cherwell’s UKSPF and REPF funding will be prioritised:
- Business retention and growth
- Green economy
- Investment in urban centres
- Strengthening the rural economy and rural communities
- Community and cultural development
- Enhancing life chances and economic opportunities for our most vulnerable residents
Project Delivery
Projects are being delivered by both the Council and external organisations. Find out more about projects that could support you or your business on our opportunities for businesses and residents webpage.