Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, whether the UK Shared Prosperity Fund will be allocated on the basis of a formula or following a bidding process.

The government’s manifesto committed to create a UK Shared Prosperity Fund. Further details will be set out in due course. The government has provided a guarantee for all European Structural and Investment Fund projects signed before the UK leaves the European Union (EU) if they provide good value for money and are in line with domestic strategic priorities. This includes projects that continue beyond the UK’s departure from the EU.