The Levelling Up Fund (LUF) is a £4.8 billion government initiative to create opportunities for areas across the UK. The goal of the LUF is to improve local jobs, health, transport, safety, and wellbeing. So far there have been two rounds of funding:
- Round 1 saw 305 bids submitted, and £1.7 billion was awarded to 105 successful bidders (34% success rate)
- Round 2 saw 525 bids submitted, and £2.1 billion was awarded to 111 successful bidders (21% success rate)
The 2023 Spring Budget confirmed £1 billion funding for LUF Round 3. In June 2023, Rishi Sunak announced that a further £300 million from the axed Towns Fund will be redistributed to the LUF.
Key to the success of a LUF bid is the quality of its business case. In the previous two Rounds, assessment has focused on four equally weighted criteria. The final three of these are directly influenced by the business case:
- characteristics of places
- deliverability
- strategic fit
- economic case
Frazer-Nash Consultancy has substantial expertise in creating and supplementing high-quality HM Treasury Green Book business cases. Our Better Business Cases Practitioner qualified economists have delivered a suite of successful business cases, including for:
- Housing Infrastructure Fund applicants
- The Ministry of Defence
- The Department for Levelling up, Housing and Communities
- HMRC
The Levelling Up fund aims to add quality, depth, and assurance to business cases.