After Round 2 of Levelling Up Fund, around £1 billion of funds remain to be allocated in this final round. No details have yet been provided on how the funds will be allocated. We do not yet know if previous bids will be reconsidered and/or new bids will be invited, and we have heard conflicting views on which will be the case. Regardless, there are 98 local authorities in priority categories 1 and 2 which have not yet been awarded any funds (although not all have bid).
Levelling Up Fund Round 2 bids were assessed on four criteria: characteristics of place (i.e. priority category); deliverability; strategic fit; and their economic case. We have set out our thoughts on Round 3 of Levelling Up Fund and recorded a webinar earlier in 2023 which considered all four Levelling Up Fund criteria. We have provided information on the strategic case, the economic case, and how to monitor and evaluate projects.
Recent Announcement on Towns Partnerships
In addition to Levelling Up Fund Round 3, a further £1.1 billion of funding has been announced for 55 Towns Partnerships through a Long Term Plan for Towns. This is around £20 million for each town over a ten year period, with greater local decision making about how this is spent.