In 2022, Torbay was allocated £1.76 million to spend on local investment through the UK Shared Prosperity Fund up until March 2025. In October 2024, government announced the UKSPF would continue for a further year (2025-2026) at a reduced rate. Torbay received £616,339.
We have invested our allocation to support local businesses, boost opportunities for local people and create spaces for communities to enjoy. With this funding, we’ve worked hard to increase people’s life chances and create a Torbay where people are proud to live, work and visit.
We’ve aligned our Investment Plan to Torbay’s Economic Growth Strategy 2022-30, ensuring that economic growth is prioritised and achieved in a sustainable way that protects our naturally inspiring bay.
Please note that all of these projects will finish under UKSPF from 1 April 2026.