Contents

Summary 5

1 Levelling Up Fund 8

1.1 Round 1 9

1.2 Round 2 11

1.3 Round 3 15

1.4 Results, rounds 1-3 17

2 Towns Fund 20

2.1 Eligibility and Selection Process 21

2.2 Commentary 22

3 Local Regeneration Fund 24

4 Community Renewal Fund 25

5 Shared Prosperity Fund 27

5.1 UKSPF allocations 27

2022/23-2024-25 27

2025/26 29

6 The Pride in Place Programme 30

6.1 Background 30

6.2 Pride in Place Programme 31

Phase 1 31

Phase 2 32

6.3 Pride in Place Impact Fund 34

7 Local Growth Fund 36

Scotland 37

Wales 38

Northern Ireland 38

8 Investment Zones 40

8.1 Background 40

8.2 Locations and incentives 40

9 Assessments 43

9.1 National Audit Office, February 2022 43

9.2 Levelling Up White Paper, February 2022 44

9.3 Public Accounts Committee, June 2022 45

9.4 Levelling Up, Housing and Communities Committee, May 2023 45

9.5 Public Accounts Committee, March 2024 4