Scottish Government’s Shared Prosperity Fund plans
The Scottish Government has confirmed its framework for allocating Scotland’s share of the UK Shared Prosperity Fund, which will replace European Structural Funds when Brexit Transition finishes at the end of the year.
The Scottish Shared Prosperity Fund as it will be known will have some key policy aims and objectives: addressing and reducing economic and social disparities; decentralising funding and local decision making; enhancing wellbeing; responding to climate change; a just and green recovery from the Covid pandemic.
The Scottish Government’s plans are very much aspirational at this stage, while it awaits confirmation from the UK Government what its share of the new UK Shared Prosperity Fund will be. The Chancellor of the Exchequer confirmed the UK Fund in his recent Spending Review and promised further information soon.
EU Structural Funding for Scotland has been substantial for many years – nearly £800m in the latest 7-year programme – so it is vital that we receive equivalent funding from the UK Government.