Issue - meetings
Shared Prosperity Fund, Rural England Prosperity Fund and Multiply Delivery
Meeting: 09/04/2024 - Cabinet (Item 7)
7 Shared Prosperity Fund, Multiply and Rural England Prosperity Fund 2024/25 
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Minutes:
Background:
This report requested Cabinet approval of the Shared Prosperity Fund, Multiply and Rural England Prosperity Fund (REPF) programmes for 2024-2025 and set out what had been achieved to date. Year 2 delivery was currently in progress.
The report explained that the Government had announced the launch of the new £2.6 billion UK Shared Prosperity Fund (SPF), including Multiply, in mid-April 2022 with an allocation of £1.855million of SPF funding to Medway and an additional £1.448million of Multiply and £400,000 of REPF.
A Year 3 prospectus was currently being developed to build upon the successes of the Year 2 programme. This would be launched at an event in Rochester in May 2024.
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Decision number:
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Decision:
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62/2024 |
The Cabinet approved the proposed Shared Prosperity Fund (SPF), Multiply and Rural England Prosperity Fund (REPF) 2024/25 programmes.
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63/2024 |
The Cabinet agreed to delegate authority to the Director of Place, in consultation with the Portfolio Holder for Economic and Social Regeneration and Inward Investment to deliver the SPF, Multiply and REPF 2024/25 programme of projects. |
Reasons:
Approval of the 2024/25 programmes is in support of Medway’s regeneration priorities and enables Medway to access SPF, Multiply and REPF allocations. Delivery of these programmes will significantly benefit Medway’s residents, communities and businesses.