UK Shared Prosperity Fund (UKSPF)
The UK Shared Prosperity Fund (UKSPF) is a central UK Government programme, providing funding for cross-UK investment.
The fund aims to improve pride in place, while increasing life chances, investing in communities, and supporting local business, people and skills.
Achievements to date and evaluation
Some achievements of the programme to date (as of spring 2025) include:
-
19,229 enterprises supported
-
19,326 people supported around work, learning and skills
-
8,519 reports of improved accessibility
-
94,326 m2 of public space improvements
-
5,228 people progressed into employment, education or training
-
273 tonnes of CO2 reduction
-
1,412 jobs created.
The GLA commissioned an independent evaluation of the 2022–25 UKSPF programme. This evaluation was completed in June 2025.
The GLA's evaluation focuses on processes and delivery. Central government has commissioned a separate evaluation focusing on the impact of UKSPF.
London's UKSPF allocation
The Greater London Authority (GLA) is the Lead Authority managing London's UKSPF. It works closely with London Councils and borough partners to deliver the funds.
The UK government allocated London £144,444,970 for the three-year period from 2022–25. UKSPF allocations for 2025–26 were announced by the UK Government in December 2024. London's allocation is £62,981,782.
Delivering London’s UKSPF allocation
London's £144,444,970 UKSPF allocation for 2022–25 has been invested in three cross-London areas:
-
Supporting local business
-
People and skills
- Boroughs
The 2025–26 allocation is being invested in the above priorities and projects that form part of the London Growth Plan.
Supporting local business
We're investing in harnessing the growth potential of cutting-edge sectors like AI, life sciences, robotics and clean tech as well as supporting early-stage founders to achieve their ambitions.
Between 2022 and 2025, we invested £30m into 28 local business projects and a further £8m for 2025 to 2026 to extend 26 of these projects. We also granted funding to London boroughs and London & Partners to support small businesses across the capital.
Our funding is helping to boost small business productivity, encouraging growth and increasing job opportunities while restoring a sense of local pride.
UK Shared Prosperity Funds were awarded to London & Partners, for three distinct business support programmes.
Find out more about each below:
Grow London Early Stage
Grow London Early Stage is a free business support programme for early-stage growth companies in high growth sectors, who support sustainable and inclusive London growth. It supports these companies to scale, create or retain jobs, and adopt new or improved products or services.
The programme strongly focuses on supporting underrepresented founders. We invested £4.2 million into this programme of work comprised of £2.4m for 2022–25 and £1.8m for 2025-2026.
Grow London Global
Grow London Global is a free 12 month programme for London-based companies wanting to expand internationally. It's the successor to the Mayor’s International Business Programme, helping 1,300 London scaleups including Monzo, Bloom & Wild, Brompton Bicycles and Revolut reach global expansion goals. Between 2022–25, we invested £9.5m into the programme with a further £5.9m for 2025–26.
Grow London Local
Grow London Local is London’s new single front door for small and micro business support. With a searchable provision database alongside AI-driven diagnostic tools, Grow London Local matches entrepreneurs to the right support for a thriving business. We invested £7m into supporting this programme between 2022–25 with a further £4.7m for 2025–26.
People and skills
We are helping to build Londoners' skills for the future, helping them to find good, meaningful work and progress their career.
£38.1 million of London’s UKSPF was allocated to this investment priority for 2024–25 with a further £5.7m for 2025–26. This strand supports local growth, helping to reduce barriers to employment and supporting people to move towards employment and education.
Activity is focused on two key priorities, employment support for:
- economically inactive and unemployed people (particularly disadvantaged groups)
- young Londoners.
In 2024, the Mayor invested £11m into 24 projects to:
- support over 9,300 Not in Education, Employment or Training (NEET) young people increase employability (the Universal NEET and Targeted NEET strands)
- help 2,400 students gain quality work experience (the work experience strand).
The Universal and Targeted NEET strands of the programme have been extended. For 12 months starting from April 2025, 13 projects will continue to deliver support to young people.
Find more details of all our projects supporting young Londoners.
Between April 2024 and March 2025, £25m was allocated to the four Sub-Regional Partnerships (SRPs) and their boroughs. They supported nearly 10,000 economically inactive* and unemployed Londoners, including benefit recipients, who received additional support outside mainstream provision to progress in work and life.
London’s SRPs include:
- Local London (covering south-east and north-east London).
*Economically inactive refers to individuals who are not in work and not actively seeking work.
London boroughs
London boroughs were awarded funding from two UKSPF investment priorities between 2022–25, Communities and Place and Supporting Local Business.
Additional funding is being granted to the boroughs for 2025–26 which can be allocated across the three investment priorities of supporting local business, communities and place, and people and skills.
The Communities and Place investment strand enables boroughs to invest in restoring their community spaces and create the foundations for economic development at a neighbourhood level which includes improvements to high streets and town centres linked to the London Growth Plan.
Further information will be published on these projects in due course.
Further information
Find further information below, including guidance documents and forms.
Each UKSPF lead authority must consult with a Local Partnership Group (LPG) of leading stakeholders commenting on investment plan, strategic fit and deliverability. London's LPG is the London Partnership Board, which has established a sub-group specifically for UKSPF.
For information about the sub-group, see their:
Contact us
If you have any questions, please get in touch at [email protected].
Keep up to date
Register for the UK Shared Prosperity Fund newsletter, for project, event and opportunity updates.
Sign upNeed a document on this page in an accessible format?
If you use assistive technology (such as a screen reader) and need a version of a PDF or other document on this page in a more accessible format, please get in touch via our online form and tell us which format you need.
It will also help us if you tell us which assistive technology you use. We’ll consider your request and get back to you in 5 working days.