The guidance was released on the same day as the Levelling Up White Paper with the UK SPF being an integral part of the levelling up agenda.  

The UK SPF will provide the UK with £2.6bn of funding for local investment, to be used by March 2025. The funding will be shared and allocated across the UK rather than areas competing for funding, as was the case with the pilot scheme of the UK SPF, the UK Community Renewal Fund (UK CRF). By providing shares of funding to all areas, this recognises that even the most affluent parts of the UK contain pockets of deprivation and need support, and so caters to these areas, as well as the most deprived and everything in between.