Purpose

A cabinet member decision is required to
formally consider the proposed allocation of Lambeth’s UKSPF
direct allocation for 2025/26.

Lambeth will receive up to £983,600 of UK Shared Prosperity
Funding for the financial year 2025/26 - up to £656,800 of
capital funding and up to £326,800 of revenue funding.

This funding will be used to support activity across our three
priority growth sectors (Creative Economy, Life Sciences and Green
Economy). Focussing on these sectors will create significant
opportunities for Lambeth’s local entrepreneur and business
networks and at resident level will also help generate well paid
and sustainable job growth in the borough.

Decision

1.         
To authorise spend of Lambeth’s £983,639
2025/26 UK Shared Prosperity Fund allocation from the Greater
London Authority (GLA) for the delivery of activity during the
grant period across the financial year 2025/26.

 

2.         
To note the proposals for
spending the £983,639 UK
Shared Prosperity Fund allocation for the delivery of Supporting
Local Business (SLB), Communities and Place (C and P) and People
and Skills (P and S) activity during the grant period across
the financial year 2025/26.

 

3.         
To sign off the overall UKSPF spend across the
financial year 2025/26 at Spend Review Panel and to provide
delegated authority to the Director of Economy, Culture and Skills
to oversee and approve the selection of projects for funding,
procurement and delivery of activities under the UK Shared
Prosperity Fund programme in consultation with the Cabinet Member
for Economic Inclusion.