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District Council allocated £3.28m to support communities and accelerate economic growth in Newark and Sherwood

Posted on: Friday, December 9, 2022

Newark and Sherwood District Council has successfully secured £3.28 million from the government’s UK Shared Prosperity Fund (UKSPF) to diversify communities and town centres, enhance local skills, improve infrastructure and help to accelerate economic growth across the district.

The funding comes from the government’s UK Shared Prosperity Fund (UKSPF) which is part of the government’s Levelling Up agenda, providing £2.6 billion of new funding for local authorities to apply for and invest in their districts and boroughs by March 2025. Earlier this year, Newark and Sherwood District Council engaged with key partners to submit an Investment Plan for the district to receive an allocation from the fund of £3.28 million to spend over the next three years.

The District Council’s Investment Plan identified a range of projects and activities that could benefit from the funding in-line with the three priorities set out by central government: supporting communities and place, local businesses and people and skills.  The delivery will run in synergy to Newark Towns Fund projects and those outlined as part of the Levelling Up initiatives.

UKSPF will create the opportunity for investment in a number of selected projects and programmes, enabling those that are existing to grow and diversify as well as the delivery of a range of new and innovating activities. Organisations will be able to apply for funding in the coming weeks to support the delivery of district projects between April 2023 - March 2025 that align to the UKSPF aims and objectives and support localised challenges and opportunities.

Councillor David Lloyd, Leader of Newark and Sherwood District Council, said: “I am absolutely delighted that we have been successful in securing £3.28 million of funding through UK Shared Prosperity Fund. This funding will go a long way in accelerating growth in our area through several projects that will support local businesses and communities within the district.”

“We’ve been incredibly successful recently in securing substantial pots of funding to enhance our district through a series of transformative projects, however they have often been area specific i.e., Newark Towns Fund. This exciting new opportunity however benefits the wider district, residents and business.”

The Investment Plan was submitted to government earlier this year and endorsed by Newark and Sherwood Place Board.