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<p>The Government understands the importance of local growth funding to places and
people and is committed to creating the UK Shared Prosperity Fund to succeed European
structural funds, providing vital investment in local economies, cutting out bureaucracy
and levelling up those parts of the UK whose economies are furthest behind.</p><p>Furthermore,
the 2019 Conservative Manifesto committed to targeting the UK Shared Prosperity Fund
at the UK’s specific needs, at a minimum matching the size of European structural
funds in each nation and ensuring that £500 million of the Fund is used to give disadvantaged
people the skills they need to make a success of life.</p><p>The Government has engaged
with key stakeholders on the design and priorities of the UK Shared Prosperity Fund,
including holding a series of engagement events across the UK. As we approach the
transition from European Social Fund to the UK Shared Prosperity Fund, we will continue
to engage with partners in order to aid policy development.</p><p>Final decisions
on the design of the UK Shared Prosperity Fund will need to be made through a cross-Government
Spending Review, and we will set out further plans for the fund in due course.</p>
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