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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. <br> <br>
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. <br>
<br> As we approach the transition from the European Social Fund to the UK Shared
Prosperity Fund, we will continue to engage with partners, in order to aid policy
development. Under the terms of the European Union (Withdrawal Agreement) Act 2020,
the UK continues to participate in EU annual budgets under the current Multiannual
Financial Framework (2014-2020 MFF). As a result, England and the devolved administrations
continue to have access to EU Structural and Investment Funds and spending through
these programmes will continue until 2023. <br> <br> Final decisions on 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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