UK Shared Prosperity Fund (UKSPF) Indicative Investment Plan
Decision Maker: Head of Regeneration and Economy
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
To submit Oxford’s high level indicative investment plan to the UK Government. If approved by the Department for Levelling Up, Housing and Communities (DLUHC) the final investment plan will be submitted to Cabinet in October 2022 for approval.
To submit an indicative investment plan to the UK Government’s Shared Prosperity Fund.
The plan sets out investment priorities across three programme areas over the period from 2022/23 to 2024/25:
- Community Wealth Building
- Animating the City Centre
- Greening the Economy
There is no income or financial impact arising from the specific decision to submit the indicative investment plan, but if approved by the DLUHC the Council may be awarded funding of up to £1m over 3 years.
The submission of the indicative investment plan is non-binding at this stage.
Reasons for the decision:
The decision to submit an investment plan bid will potentially lead to the Council being awarded funding of up to £1m over 3 years.
The priorities and interventions contained in the indicative investment plan have been proposed for their alignment with known Council and strategic partner priorities, as expressed in the Oxford Economic Strategy, Oxfordshire Local Industrial Strategy, Economic Recovery Plan, and the City Centre Action Plan.
Alternative options considered:
Not to submit the investment plan bid. This option was rejected as the submission of the investment plan is a necessary first step to potentially release the funds into local control.
Signed off by senior officers:
Decision taken by Carolyn Ploszynski, Head of Regeneration and Economy in consultation with Nigel Kennedy, Head of Financial Services and Councillor Susan Brown, Leader and Cabinet Member for Inclusive Economy and Partnerships.
Publication date: 02/08/2022
Date of decision: 01/08/2022