The UK Government’s Autumn Budget on 30 October  2024, included a reference to the UK Shared Prosperity Fund.

The Chancellor announced an intention to continue the Shared Prosperity Fund for a transition year in 2025/26 at a reduced rate (£900 million for the UK as a whole) in advance of wider funding reform.

To date, no information has been received on how the transition year will operate or how much money will be allocated to North Wales.

  • It has been confirmed that any current funding that isn’t spent will be taken back by the UK Government (no funding will be transferred to 2025/26).
  • It’s essential, therefore, that every project maintains its operational pace, works towards its agreed project end date, and submits every claim and progress report on time.

We’re closely monitoring developments and, with colleagues across Wales, are pressing the UK and Welsh Governments for early confirmation of the arrangement for 2025/26.

We’ll provide further updates as soon as more information becomes available. In the meantime, please reach out to your local team or contact us, if you have any questions or concerns.