2024's Top Urban Regeneration Hotspots
13 Jun, 2024
Unlocking the Levelling Up Fund: Everything You Need to Know
14 Jun, 20241-2 minutes
In this blog, you will learn:
- What the Levelling Up Fund is.
- What the goals of the Levelling Up Fund are.
- How the Levelling Up Fund works.
- How the Levelling Up Fund is supporting local communities.
- How projects can apply for Levelling Up funding.
- Where the latest regeneration jobs are and how to apply for them.
- Discover more about our regeneration recruitment services.
What is the Levelling Up Fund?
The Levelling Up Fund is a UK government initiative designed to support local infrastructure projects that will have a significant impact within everyday life.
The fund was launched in the 2020 Spending Review with the aim of driving economic recovery across the UK and addressing regional disparities.
What are the goals of the Levelling Up Fund?
The Levelling Up Fund (LUF) was created with a number of goals in mind. The primary goal of the LUF is to tackle the economic and social differences that occur throughout different parts of the United Kingdom. The Levelling Up Fund therefore, is responsible for ensuring that all regions have equal opportunities to prosper.
The fund was also introduced to target investment opportunities within infrastructure projects that will help to boost local economies and support transportation, cultural assets and urban regeneration.
Another important goal of the LUF is to enhance the quality of life and wellbeing for residents who live in economically lagging areas. In order to do so, the fund aims to improve local infrastructure.
How does the Levelling Up Fund work?
The LUF has been distributed across multiple rounds and allocated project funding based on specific criteria set by the government.
The first round oversaw the initial allocation of the Levelling Up Fund as part of the UK government’s 2020 Spending Review and prioritised immediate infrastructure improvements, such as transport and town centre regeneration.
The second round of funding, announced in 2021, continued to emphasise critical infrastructure with new projects also receiving additional funding.
The third round allowed funding to cover larger-scale projects and address emerging requirements.
The Department for Levelling Up, Housing & Communities plays a lead role in the funding for Levelling Up and reducing geographic inequality.
The Levelling Up Fund is one of three important funds which are in place to support local areas. The other two funds are the Towns Fund and the UK Shared Prosperity Fund.
Despite all funding needing to be spent by March 31st 2026, these three funds were introduced at different times with different end dates. A total allocation of up to £10.47 billion is expected to be spent between 2020/21 to 2025/26.
There are overlapping investment themes between the Levelling Up Fund, the Towns Fund and the UK Shared Prosperity Fund, however funds have been allocated in different ways by the Department for Levelling Up, Housing & Communities.
Regeneration recruitment specialist, Chris Wilkinson, says “Some funds have been allocated as a result of local authorities submitting a bid, however the UK Shared Prosperity Fund uses a formula to divide funds between projects receiving the money.”
Along with the Towns Fund, the Levelling Up Fund supports 1,300 individual projects such as transportation improvements and revitalising town centres through urban regeneration.
As of December 2023, the Department for Levelling Up, Housing & Communities had given £3.7 billion out of the promised £10.47 billion to local authorities.
How is the Levelling Up Fund supporting local communities?
In November 2023, it was reported that £1 billion of Levelling Up funding would be provided through 55 transformational projects to support communities across the UK.
The funding has been allocated in order to boost high streets and enhance transport links, with £825 million appointed to support regeneration in town centres and £150 million granted for developing transport links.
Funding has been distributed across Great Britain, with £128 million set aside for the North West, £59 million for the North East, £169 million for Yorkshire and Humber and £171 million for the Midlands.
The funds allocated have been effectively used to help many communities, including injecting new life into three former mining communities within Doncaster and transforming Blackpool town centre’s transport network.
Since 2021 and the introduction of the first two rounds of the Levelling Up Fund, 216 important projects have commenced with a total allocation of £3.8 billion being awarded to these.
One project to benefit from the funds allocated in round one, is Bolton College of Medical Science, which will provide a facility to support young people living in Bolton as well as those outside the area from September 2024.
How can projects apply for Levelling Up funding?
In order to qualify for funding, projects must demonstrate that they have clear potential to drive economic growth in the local area. Proposals must also strategically align with the government's wider priorities such as environmental sustainability and social inclusivity.
Another important criteria for projects receiving funding is that they must have a clear plan for implementation and be deliverable within the timeframe and budget for the funding. Projects must also ensure that they will meet the requirements of their local community, with the support and engagement of residents being of high importance.
To apply for the Levelling Up Fund, applications must be submitted which will then be assessed based on set criteria, before a funding decision is made by central government.
Once funding has been secured, projects are subject to regular monitoring and evaluation in order to ensure that they are meeting their intended outcomes and delivering value for money.
Regeneration recruitment services
As regeneration recruitment specialists, we support local authorities and private sector businesses nationwide with their temporary, interim and permanent recruitment needs.
If you’re struggling to fill a vacancy, why not get in touch with our regeneration specialist, Chris Wilkinson on 01772 954200 to see how we can help?
Regeneration jobs
If you’re searching for your next interim regeneration job, why not take a look at the latest vacancies, or simply upload your CV to be notified when a relevant position becomes available.
Who is Spencer Clarke Group?
Established in 2017, we’re a vibrant and progressive recruitment agency based in the heart of the North West.
We continually reimagine the recruitment process to challenge convention and defy expectations; from creating a better recruitment experience to remodelling employee engagement, we thrive off doing things differently and turning heads along the way.
We operate in two sectors:
In eleven specialisms:
Healthcare, Social Care & Nursing
Corporate Functions & Business Support
