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<p>The UK Shared Prosperity Fund (UKSPF) will replace the European Regional Development
Fund and the European Social Fund. It will ramp up to £1.5 billion a year in 2024-25
as EU Structural Funds tail off and total funding will at a minimum match the size
of EU Funds in all nations, each year. UKSPF funding in the next Spending Review period
will total over £2.6 billion.</p><p> </p><p>The UKSPF is key to levelling up the whole
of the UK. It will help people access opportunity in places in need, such as former-industrial
areas, deprived towns, rural and coastal communities and for people in disadvantaged
groups across the UK. Further details about the Fund will be set out later this year.</p><p>
</p><p>In addition to the UKSPF, Wales will also receive £121 million from the first
round of the Levelling Up Fund, £46 million from the UK Community Renewal Fund and
£464,000 from the Community Ownership Fund. We are also providing the Welsh Government
with an additional £2.5 billion per year on average through the Barnett formula, on
top of its annual baseline funding of £15.9 billion. These are the largest annual
block grants of any spending review settlement since devolution began.</p><p> </p><p>
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