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<p>The UK Shared Prosperity Fund will help to level up and create opportunity across
the UK in places most in need, such as ex-industrial areas, deprived towns and rural
and coastal communities, and for people who face labour market barriers.</p><p>Spending
Review 2020 set out the main strategic elements of the UK Shared Prosperity Fund in
the Heads of Terms. We will ramp up funding so that total domestic UK-wide funding
will at least match EU receipts, on average reaching around £1.5 billion a year. In
addition, the UK Government is providing an additional £220 million funding in 2021/22
through the UK Community Renewal Fund to help local areas prepare for the launch of
the UK Shared Prosperity Fund.</p><p>The Government will publish a UK-wide investment
framework later this year and confirm its funding profile at the next Spending Review.</p>
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