Purpose

To enable the Council to enter into a Grant
Funding Agreement with the Greater London Authority for the
borough’s 2025-26 allocation of UK Shared Prosperity Fund
 
Reason for
urgency
 
The Government announced an extension of the
UK Shared Prosperity Fund into 2025-26 at the November
Budget.  The Greater London Authority
(GLA), who manage the UKSPF in London, announced in February that
each London borough would receive an allocation.  These were confirmed in March and boroughs were
asked to indicate how they intended to deploy their
allocation.  The GLA has now approved
the Council’s proposals and wishes to enter into a Grant
Funding Agreement (GFA) to release funding.  As expenditure and outputs must be achieved by the
end of March 2026, authority to enter into the GFA is sought as an
urgent decision to enable services and projects to be brought
forward.
 

Content

The Deputy Chief Executive has approved
 as an urgent decision following
consultation with the Leader of the Council, the Lead Member for
Finance and Resources and the Director of Law & Governance.