The UK Community Renewal Fund will provide £220 million additional funding to help places across the UK prepare for the introduction of the UK Shared Prosperity Fund.
From the Ministry of Housing, Communities & Local Government:
Now we have left the European Union, the opportunities to deliver this ambition are in our own hands. Investment from EU Structural Funds will continue to be spent by local areas until 2023 and this government has committed to at least matching EU receipts through the new UK Shared Prosperity Fund, on average reaching around £1.5 billion a year. This new Fund, to be launched in 2022, will operate throughout the UK and play a part in uniting and levelling up the whole country.
This is about more than replacing like with like. We can go beyond the limitations of EU funding with a successor to those arrangements far better tailored to the needs and aspirations of our own country. To give real focus to our domestic priorities for people and places by championing local insight, stripping out overly prescriptive categories for spending, and reducing bureaucracy.