The Shared Prosperity Fund is the proposed replacement for European Union (EU) Structural Funds, aiming to replace the current funding for regeneration programmes, currently worth £1bn per year in the UK.
The Secretary of State, James Brokenshire, released a written statement earlier in the year which clarified Conservative manifesto statements on continuation funding:
The SPF’s objective will be “to tackle inequalities between communities by raising productivity, especially in those parts of our country whose economies are furthest behind”. It promises to be simpler to access than EU funding, and targetted to align with local challenges. There will also be consultation ‘this year’.
You can read the full statement on the Parliament website.
In the meantime, this this paper by Locality useful background reading about how a successor fund to EU grants, such as the Shared Prosperity Fund, could be deployed to develop inclusive local economies.