The Economy and Infrastructure Service Transformation Committee met on Thursday 12 September 2024 to discuss the progress of the UK Shared Prosperity Fund and to approve the committee's work plan. The committee approved the work plan and received an update on the Shared Prosperity Fund, with a further update scheduled for December.

Shared Prosperity Fund Update

The committee received a comprehensive update on the UK Shared Prosperity Fund (SPF) from Paul Relf, Strategic Economic Regeneration Manager. The SPF, a replacement for previous EU funding streams, has allocated approximately £40 million to Swansea and £138 million to the wider South West Wales region. The fund supports a range of initiatives, including business development, employability, community projects, placemaking, culture and tourism, and rural development.

Mr Relf highlighted the swift implementation of the SPF programme, noting it had been the swiftest process from design to getting money out of the door he had witnessed in his career. He presented key achievements, including over £1.3 million invested in 132 businesses, leveraging £1 million in private sector match funding, and providing employability support to over 2,000 individuals.

Concerns were raised by councillors regarding the fund's end date in December 2024 and the significant amount of unspent money. Mr Relf explained that while the programme was delivering at pace, with nearly £13 million paid out to date, all allocated money was fully committed. He confirmed that there was scope to extend the programme to the end of March, but noted a risk that unspent funds might be reclaimed by the UK Government if not fully utilised. Officers were exploring options for reallocation and were awaiting the UK Government's budget statement on 30 October for clarity on future funding arrangements, with indications suggesting a successor programme or a transition year was likely.

The committee resolved that a further update report on the Shared Prosperity Fund be submitted on 12 December 2024.

Work Plan

The committee reviewed and approved its work plan for 2024-2025. The plan includes future discussions on topics such as active travel maintenance, highways asset management, the Local Development Plan, improving public toilets, and a review of the Swansea Bay Strategy. An update on the Shared Prosperity Fund was also scheduled for the December meeting.