Introduction to the Shared Prosperity Fund

The UK Shared Prosperity Fund (UKSPF) is a UK Government initiative designed to support local communities and businesses across the country, tackling regional disparities and driving economic growth. In Powys, this fund has been instrumental in creating a more prosperous and resilient county by addressing key challenges and seizing opportunities to support sustainable development. 

Through strategic investment, the Shared Prosperity Fund focuses on three key priorities: Supporting Local Business, Community and Place, and People and Skills. It aims to empower local communities, create new jobs, enhance skills, and improve quality of life for residents across Powys. 

Additionally, Multiply is a key initiative under the UK Shared Prosperity Fund aimed at improving adult numeracy skills across the UK. It is designed to help adults enhance their mathematical abilities, which are essential for everyday life, work, and managing finances. 

In total, £2.6 billion has been invested across the UK to support these efforts between 1 April 2022 and 31 March 2025. 

The Mid Wales Region was allocated £42.4 million, with Powys receiving £27 million of this total.