Allocation of levelling up funding

That this House notes with concern the amount spent by local authorities of all parties on bids for levelling up funding that have been unsuccessful; further notes that levelling up funding has not been allocated to the areas with highest levels of deprivation; notes that levelling up funding has not been awarded for projects with a clear regenerative impact, but has been awarded for projects with a purely cosmetic benefit; notes that small awards of funding do not outweigh the impact of significant cuts to real-terms funding for local authorities since 2015; notes that only 10% of funds allocated have been spent to date; notes that local authorities delivering successful project bids have grappled with significant additional costs during the delivery phase, eroding the value of disbursements; and calls on the Government to review the Fair Funding Formula such that resources are allocated to local authorities on the basis of need and the cost of delivering services to local people.